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Petrol would be 15p cheaper per litre if sterling had remained constant

A research note out today has cast light on the visible impact that the fall in sterling is having on everyday life and living costs. It has been reported that petrol would be 15p cheaper than today if the UK currency had remained at higher levels. However the ever increasing cost of importing petrol into the UK is the reason why the suggested price cut has not been passed on to customers.

To many people in the UK the exchange rate is something which they had never really considered unless they are going overseas on their holidays. However, with the rate now well under $1.50 to the pound we will soon start to experience severe cost increases in imported goods. Unfortunately, this has the potential to blow open the success which the government has had in controlling inflation over the last few weeks.

The UK currency is in a serious mess with economic concerns, falling interest rates and a national debt which continues to go higher and higher. Quite where the sell-off will end nobody really knows but there are serious concerns, as George Osborne suggested that the weekend, of a long-term run on sterling.

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