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“Fuel in the tank, but potholes lie ahead,” headlines the Daily Telegraph, the day after UK Chancellor George Osborne presented his latest budget to parliament. In a series of measures overshadowed by Britain’s stagnant economy, amidst biting cuts and a sluggish growth forecast of 1.7% for 2011, Osborne announced “a £2 billion-a-year windfall levy on North Sea oil to fund an immediate cut in fuel duty of 1p per litre.” “We are putting fuel into the tank of the British economy,” he claimed. Nevertheless, the conservative daily points out that “the small savings to households were likely to be dwarfed by sharp tax rises that had already been announced and come into force next month."
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