A barrel of Brent oil cost $125 in 2013; it is now $28. Can we absorb the shocks?by George Magnus / January 18, 2016 / Leave a comment
Why have financial markets been so poorly behaved so far this year? Take the UK. You may not know it, but the UK is enjoying the equivalent of a £7 billion tax cut. UK motorists consume nearly 1.5 billion litres of petrol each month. The price has fallen about 30% since the peak in the spring of 2013, and half of that decline has happened since the end of 2014. You would imagine this might be a cause for economic joy here and the world over, but no.