Shadow chancellor Ed Balls has urged the Government to use the £500 million underspend from the Olympics to cover the cost of scrapping a 3p increase in fuel duty due to take effect in August.
The retail prices index (RPI) rate of inflation fell to 3.1% in May compared with 3.5% in April, new figures from the Office of National Statistics (ONS) reveal today.
The motor insurance market is today facing an investigation by the Competition Commission after a report found the market was "dysfunctional" and may be pushing up premiums by £225 million a year.
Supermarket giant Sainsbury's sparked the latest round of the petrol price cutting war by announcing it will reduce its forecourt prices by 3p a litre.