Shadow chancellor Ed Balls has urged the Government to use the £500 million underspend from the Olympics to cover the cost of scrapping a 3p increase in fuel duty due to take effect in August.
The retail prices index (RPI) rate of inflation fell to 3.1% in May compared with 3.5% in April, new figures from the Office of National Statistics (ONS) reveal today.
Supermarket giant Sainsbury's sparked the latest round of the petrol price cutting war by announcing it will reduce its forecourt prices by 3p a litre.