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British Energy Companies To Slash Consumer Rates

British Energy Companies To Slash Consumer Rates

The Government of Great Britain will make certain that energy companies align their consumer rates on the falling prices of energy products, Britain’s Chancellor of the Exchequer, George Osborne, announced.

British Energy Companies To Slash Consumer Rates

The reason for the decision was the drop in oil prices. British Finance Minister George Osborne will be personally watching over the reduction of energy rates.

Earlier on, the British Government had begun to monitor the activities of motor oil producers and suppliers so that they would cut down their prices on petrol and diesel oil following the drop in oil prices. “The Government is conducting a study on energy products and the airline sector. We are considering whether we need to take any measures,” said the official spokesperson for the Finance Ministry, quoting Osborne’s statement.

The Chancellor of the Exchequer will be examining this question very closely “in the next few weeks” and watching whether energy and airline companies are actually reducing their prices. If oil prices continue to remain low but the rates do not follow, Osborne will “get involved” and officially demand that this be done.

At the same time, the Head of Finance welcomed the reduction in oil prices, stating that its positive impact should be felt not only in the country’s economy, but also by ordinary citizens. Britain’s Prime Minister, David Cameron, supported Osborne’s initiative.

Fuel companies have already begun reducing their prices or have announced they will do it soon.

According to Morgan Stanley forecasts, oil prices could dip to 35 US dollars per barrel for a short period of time, after which they should start climbing again.

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Raised close to London’s financial district, Ben has always found the world of business and money fascinating. While completing a degree in business studies Ben started writing for his university newspaper and hasn’t stopped since. Over the last decade Ben has gathered a wealth of experience writing about business and the financial markets and he is pleased to be able to share it with you here.

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