I think you've perfectly described 'spiralling inflation'. Prices go up, so wages go up, so costs go up, so prices go up. The 'solution' to this is usually recession. Where a large proportion of the population are left behind and can't afford to pay the increased prices, so demand falls, production falls, unemployment rises. Prices eventually drop. It takes a while, and the majority suffers.
Not sure North Sean oil and gas is sufficient for our needs, or cheap enough to extract. We're b*ggered.
Just a point on taxation, Fuel Excise Duty is of course fixed per litre irrespective of price. All the extra tax is coming from VAT. So the price rises on most things, as well as petrol and diesel means more tax revenue
Not sure North Sean oil and gas is sufficient for our needs, or cheap enough to extract. We're b*ggered.
Just a point on taxation, Fuel Excise Duty is of course fixed per litre irrespective of price. All the extra tax is coming from VAT. So the price rises on most things, as well as petrol and diesel means more tax revenue