The Great Debate UK
LONDON, April 16 (Reuters) – Poor old Alistair Darling. The Chancellor is girding himself to deliver a truly ghastly Budget, and lined up a crowd-pleasing headline-grabber to distract attention from the financial horrors ahead.
Then his colleague transport minister Geoff Hoon goes and grabs the headlines for himself, revealing plans to bribe motorists to ditch the gas-guzzler for an electric car.
From 2011, buyers are promised 5,000 pounds towards the cost. Smug drivers pottering along in a subsidised electric car, powered by juice generated from subsidised wind farms, can feel in perfect harmony with nature.
The Organisation of the Petroleum Exporting Countries agreed on Wednesday to make its deepest output cut ever to counter slumping demand and falling oil prices. The output cut has been received with cautious optimism by analysts.
Some say that the price of oil will fall further, while others say $40 a barrel was the lowest it will go. "If you look at the market, prices are going up immediately," said Frank Schallenberger, head of commodity research at Landesbank. "I really think this is the end of a bear market. $40 was the bottom."