Diesel Drivers 'Get Worse Deal' In Fuel War

The cost of filling up at the pumps has edged up over the last month, with diesel drivers getting a worse deal than those using petrol, according to new figures from the AA.

The average price of petrol in the UK has risen from 133.35p a litre in mid-May to 134.61p in mid-June, while diesel has gone up from 138.17p a litre to 139.16p.

Northern Ireland has the most expensive petrol, at an average of 135.8p a litre, with London having the cheapest, at 134.61p.

Northern Ireland also has the dearest diesel (139.8p a litre) with London and south west England having the least expensive (139.1p).

The AA said the slight rise in average petrol prices nationally represented "something of a lull" after the 8-10p swings in prices over the last 12 months.

But it warned that this year retailers have on average been "creaming up to £1 a tank extra off diesel car drivers and up to £1.40 a tank extra off diesel van owners".

The AA went on: "At present, the 1p-a-litre premium that fuel stations are generally adding to the cost of diesel adds 5,500 miles to the break-even point for a new car buyer who chooses diesel instead of petrol.

"Diesel cars typically cost £1,500 more but the saving from better fuel efficiency should eventually recoup that."

AA President Edmund King said: "To be fair, there is often much greater variation in the price of diesel among retailers in a town than with petrol.

"However, on average, the profit margin on diesel is consistently at least a penny higher than with petrol.

"The clear message to diesel drivers is to take advantage of the greater range of prices locally. Some forecourts are more diesel-friendly than others."

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Football Streaming Website Faces Legal Action

Internet service providers in the UK could be forced to block a Swedish-based website which streams live football matches.

The Premier League is in the process of requesting a court order that would make ISPs effectively ban their customers from accessing www.FirstRow1.eu.

The planned legal action by the football governing body follows moves made by the music and film industries.

They have successfully blocked websites which offer the opportunity to download copyrighted material, such as Pirate Bay, under Section 97 of the 1988 Copyright, Design and Patent Act.

The Premier League has agreed a new worldwide television deal worth around £5.5bn over three years, starting with the new season.

BT has paid £246m to the Premier League for three years and BSkyB, the parent company of Sky News, has invested £760m in its football coverage for the next three seasons.

The Premier League has written to the major UK ISPs, which also include Virgin Media and TalkTalk, to outline its plans to apply for a court order to block www.FirstRow1.eu.

The proposals are expected to be put forward by the end of the month.

Should the court order be granted, the ISPs would then have to contest the application, or comply and restrict access.

It is understood that indications are the ISPs have no plans to go against any such application.

The Premier League has for many years monitored various websites during live matches and enforced the removal of any streaming content which breaches copyright.

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Osborne: Economy 'Leaving Intensive Care'

Chancellor George Osborne will claim the British economy is "moving from rescue to recovery" as he unveils his fresh round of spending cuts for Whitehall.

Mr Osborne will deliver his spending review on Wednesday, setting out £11.5bn of cuts in Government departments in the year after the next general election.

Alongside the cuts the Chancellor will announce plans for an infrastructure plan to "power Britain back into the economic premier league", using savings to invest in roads, railways, education and science.

Final details of the spending review are still being worked out, with reports suggesting some ministries, including Vince Cable's Business Department, are yet to agree their settlements.

Mr Osborne is expected to tell MPs on Wednesday: "Britain is moving from rescue to recovery. But while the British economy is leaving intensive care; now we need to secure that recovery.

"Full recovery won't be easy but I won't let up in my determination to put right what went so badly wrong. We are already making progress: the economy is growing, more than a million new jobs have been created by British businesses and the amount the government has to borrow each year - the deficit - is down by one third.

"But there's more we have to do - it's time for the next stage of our economic plan."

Ed Balls calls on Mr Osborne to pump money into the economy

Mr Osborne has come under pressure to invest in capital projects in order to help the fragile recovery and he will give details of  "a long term infrastructure plan".

He will say: "We're saving money on welfare and waste to invest in the roads and railways, schooling and science our economy needs to succeed in the future.

"I know that times are still not easy for families. But we have a clear economic plan. We've stuck to it. It is working. And I'm determined to go on delivering it. Now, together, we're moving Britain from rescue to recovery let's build an economy that works for everyone."

Shadow chancellor Ed Balls urged Mr Osborne to pump money into the economy now in order to reduce the need for cuts in two years' time.

Writing in the Sunday Mirror, he said: "Instead of planning more cuts two years ahead, they should use this week's spending review to boost growth and living standards this year and next year.

"More growth now would bring in more tax revenues and mean our public services would not face such deep cuts in 2015."

He said the Government should boost lending to businesses with a new British Investment Bank and reintroduce the 10p income tax band.

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Watchdog Urges Faster Energy Tariff Reform

The energy watchdog's proposals for a "simpler and fairer" energy market have drawn a mixed response from consumer groups, as the regulator called on suppliers to adopt them "as quickly as possible".

Regulator Ofgem has told suppliers to limit themselves to four "core" tariffs each for electricity and gas and for each type of payment, while all information suppliers send to consumers must be "simplified, more engaging and personalised".

Suppliers will use a new Tariff Comparison Rate (TCR), which the regulator claims will help to simplify the selection process for consumers.

And new enforceable standards of conduct will enable Ofgem to take action against suppliers where they have failed to treat customers fairly.

Today Ofgem launched the last statutory consultation before it decides whether to implement "the most radical reforms to the retail market since competition began".

The reforms are expected to come into effect from the summer, but Ofgem said there was nothing to stop suppliers moving to deliver them now.

Ofgem senior partner for markets, Andrew Wright, said: "Our reforms today are the blueprint for the simpler, clearer and fairer energy market that consumers deserve.

"This will provide them with the choices they want alongside the simplicity they need.

Both electricity and gas companies have used complex tariff systems

"They have been delivered following two years of engagement with consumers and industry in the most comprehensive ever review of the retail market.

However consumer watchdog Which? said it was "hugely disappointing" that Ofgem had pressed ahead with the TCR format.

Which? executive director Richard Lloyd said: "While these new rules will help make the market simpler and fairer it's hugely disappointing to see the regulator sticking to its fundamentally flawed idea of how energy prices should be presented.

"This will fail to help people find the best deal easily and could even mislead millions into paying over the odds for their energy."

Trade association Energy UK defended the firms and said: "Energy suppliers have already pressed ahead with providing customers with simpler, clearer tariffs.

"Our members have dramatically reduced the number of tariffs, simplified structures and pledged to help all customers move to the deal that suits them best."

But Energy Secretary Ed Davey has continued to push for faster reform and said: "I welcome the continued progress of Ofgem's reform of the retail energy market.

"It's simply scandalous that over eight in 10 of households, including the most vulnerable, are put off switching or engaging in the energy market.

"That's why I'm backing Ofgem's reforms to make it easier to compare tariffs and switch suppliers. These reforms are the fastest way to speed up delivery of simpler bills and a fairer system."

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Diesel Drivers 'Get Worse Deal' In Fuel War

The cost of filling up at the pumps has edged up over the last month, with diesel drivers getting a worse deal than those using petrol, according to new figures from the AA.

The average price of petrol in the UK has risen from 133.35p a litre in mid-May to 134.61p in mid-June, while diesel has gone up from 138.17p a litre to 139.16p.

Northern Ireland has the most expensive petrol, at an average of 135.8p a litre, with London having the cheapest, at 134.61p.

Northern Ireland also has the dearest diesel (139.8p a litre) with London and south west England having the least expensive (139.1p).

The AA said the slight rise in average petrol prices nationally represented "something of a lull" after the 8-10p swings in prices over the last 12 months.

But it warned that this year retailers have on average been "creaming up to £1 a tank extra off diesel car drivers and up to £1.40 a tank extra off diesel van owners".

The AA went on: "At present, the 1p-a-litre premium that fuel stations are generally adding to the cost of diesel adds 5,500 miles to the break-even point for a new car buyer who chooses diesel instead of petrol.

"Diesel cars typically cost £1,500 more but the saving from better fuel efficiency should eventually recoup that."

AA president Edmund King said: "To be fair, there is often much greater variation in the price of diesel among retailers in a town than with petrol.

"However, on average, the profit margin on diesel is consistently at least a penny higher than with petrol.

"The clear message to diesel drivers is to take advantage of the greater range of prices locally. Some forecourts are more diesel-friendly than others."

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Viagra 'Price Drop' As Drug Patent Expires

The cost of Viagra could drop dramatically from today as the UK patent for the drug expires.

The male erectile dysfunction drug, manufactured by American firm Pfizer in Ireland, must now compete against dozens of generic competitors.

There are some 120 alternative versions made worldwide, with some costing as little as 85p per pill.

Sky News understands that Pfizer will release its cheaper, generic 'white diamond' version on June 22. It will also continue to sell the original version.

The drug prompted many jokes - including these 'Viagra-infused' oyster cans

In the UK it has been available as prescription-only medicine since 1999, and nicknamed by company employees as the 'Pfizer Riser'.

Unwittingly, it has also spurred billions of unsolicited spam emails, as online entrepreneurs tried to cash in on perceived embarrassment surrounding asking the doctor for the little blue pill.

The new price drop has the potential to save the NHS millions in prescription costs.

A generic competitor to Viagra, marketed as 'Happigra'

The Health & Social Care Information Centre told Sky News that in 2011-12 there were 1.28 million Viagra prescriptions dispensed across the country.

The 'net ingredient cost' was £39.8m, which includes the cost of the drug before any discounts. It also excludes any dispensing costs or fees.

Pfizer promoted the drug and targeted men interested in sports

According to Pfizer sources, Viagra has been a bigger name in the public's consciousness than in the company's rota of top drugs.

Sildenafil citrate, the pharmaceutical name for Viagra, has been produced by the firm in twice-annual production runs at facilities at Ringaskiddy in Cork.

It is then sent to warehousing facilities in Belgium, prior to regional despatch.

Pfizer is expected to continue producing the drug while simultaneously developing a second generation medicine that can be packaged in a smaller pill.

The company previously took bold advertising steps to market the drug, including sponsorship of race cars and using veteran Brazilian football player Pele as a spokesman.

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Shares Fall As Fed Plans To Slow Bond-Buying

World stock markets have lost more ground after the US Federal Reserve signalled it was moving closer to slowing its bond-buying programme.

The Fed offered a more optimistic outlook for the US economy and job market but said it would maintain the pace of its bond purchases for now to support recovery.

Equity markets, which have tumbled from post-financial crisis highs in recent weeks on fears of the stimulus being withdrawn, fell further in the wake of the announcement.

The Dow Jones lost 1.3% while in London the FTSE 100 joined Asian markets in falling nearly 3% - the London market returning to levels not seen since September 2011.

The cost of government borrowing also rose in many major economies as a result of Fed Chairman Ben Bernanke's comments.

He had said the central bank could scale back its $85b (£54b) in monthly bond purchases later this year if the economy continued to improve.

Mr Bernanke likened any reduction in the Fed's bond purchases to a driver letting up on a gas pedal rather than applying the brakes.

He said the reductions would occur in "measured steps" and that the programme could end by the middle of next year.

Timothy Duy, a University of Oregon economist who tracks the Fed, called the statement "an open door for scaling back asset purchases as early as September."

The fact that the Fed foresees less downside risk to the job market "gives them a reason to pull back" on its bond purchases, Mr Duy said.

The central bank also said it would maintain its plan to keep short-term rates at record lows at least until unemployment reaches 6.5%.

Last month, the US economy added 175,000 jobs. But the unemployment rate is still high at 7.6%. Economists tend to regard the job market as healthy when unemployment is between 5% and 6%.

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Watchdog Urges Faster Energy Tariff Reform

The energy watchdog's proposals for a "simpler and fairer" energy market have drawn a mixed response from consumer groups, as the regulator called on suppliers to adopt them "as quickly as possible".

Regulator Ofgem has told suppliers to limit themselves to four "core" tariffs each for electricity and gas and for each type of payment, while all information suppliers send to consumers must be "simplified, more engaging and personalised".

Suppliers will use a new Tariff Comparison Rate (TCR), which the regulator claims will help to simplify the selection process for consumers.

And new enforceable standards of conduct will enable Ofgem to take action against suppliers where they have failed to treat customers fairly.

Today Ofgem launched the last statutory consultation before it decides whether to implement "the most radical reforms to the retail market since competition began".

The reforms are expected to come into effect from the summer, but Ofgem said there was nothing to stop suppliers moving to deliver them now.

Ofgem senior partner for markets, Andrew Wright, said: "Our reforms today are the blueprint for the simpler, clearer and fairer energy market that consumers deserve.

"This will provide them with the choices they want alongside the simplicity they need.

Both electricity and gas companies have used complex tariff systems

"They have been delivered following two years of engagement with consumers and industry in the most comprehensive ever review of the retail market.

However consumer watchdog Which? said it was "hugely disappointing" that Ofgem had pressed ahead with the TCR format.

Which? executive director Richard Lloyd said: "While these new rules will help make the market simpler and fairer it's hugely disappointing to see the regulator sticking to its fundamentally flawed idea of how energy prices should be presented.

"This will fail to help people find the best deal easily and could even mislead millions into paying over the odds for their energy."

Trade association Energy UK defended the firms and said: "Energy suppliers have already pressed ahead with providing customers with simpler, clearer tariffs.

"Our members have dramatically reduced the number of tariffs, simplified structures and pledged to help all customers move to the deal that suits them best."

But Energy Secretary Ed Davey has continued to push for faster reform and said: "I welcome the continued progress of Ofgem's reform of the retail energy market.

"It's simply scandalous that over eight in 10 of households, including the most vulnerable, are put off switching or engaging in the energy market.

"That's why I'm backing Ofgem's reforms to make it easier to compare tariffs and switch suppliers. These reforms are the fastest way to speed up delivery of simpler bills and a fairer system."

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Clashes In Brazil As One Million March

The Brazilian government will hold an emergency meeting later amid spiralling protests over alleged corruption and high prices which have seen one million people take to the streets.

The demonstrations, which have spread to more than 80 cities across the country, look set to continue into a second week, prompting President Dilma Rousseff to assemble her top cabinet members and forcing her to cancel an overseas trip.

In Sao Paulo state, a protester was killed when a driver - apparently enraged about being unable to drive along a street - rammed his car into a crowd of demonstrators.

Riot police in Rio were faced with the largest demonstrations

In Rio de Janeiro, 300,000 people staged a demonstration near City Hall, while in the capital Brasilia, hundreds of protesters tried to storm the foreign ministry building, leaving authorities "frightened", according to local newspaper O Estado de Sao Paulo.

Clashes have also taken place in the Amazon jungle city of Belem, in Porto Alegre in the south, in the university town of Campinas north of Sao Paulo and in the northeastern city of Salvador.

Sky correspondent Jason Farrell, in Rio de Janeiro, said protests there began with a "carnival atmosphere", as demonstrators arrived "draped in flags or with stripes of Brazil's national green, yellow and blue painted onto their faces".

More than 300,000 people joined protests in Rio de Janeiro

However, peaceful protesters were caught up in clashes between rioters and police, who fired tear gas and pepper spray into the crowds.

Law student Wallace Tarenta told Sky News: "I have come here because we need more money for hospitals and teachers and security - not more stadiums for the World Cup."

Protester Jorge Vieira added: "Brazil is a strong country, we have good natural resources and a strong government - but nothing goes to the people."

Riot police in Belem were confronted by stone-throwing demonstrators

The protests in Brazil were sparked by public anger about the rising cost of public transport.

Several city leaders have already revoked planned increases to bus and subway fares.

However, Sky's Jason Farrell said anger has now turned to a perceived lack of investment in public services, as well as the $15 billion cost of hosting next year's football World Cup.

Celebrations in Sao Paulo, where planned fare hikes have been dropped

"On the face of it, Brazil has it all: a growing economy, a World Cup and the 2016 Olympics to look forward to," he said.

"But protesters say a corrupt government is damaging the lives of working people while squandering money on showcase stadiums.

"With riots breaking out in cities across the country, the world is now watching Brazil and wondering how it will cope with the pressures of hosting two of the world's biggest sporting events."

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Chancellor Unveils Plan For State-Owned Banks

George Osborne has unveiled Government plans for the future of state-owned banks during his annual speech on the state of the UK economy.

In his remarks at Mansion House in London, the Chancellor said the Treasury was considering steps to return Lloyds bank to the private sector and that it could offer shares to the public.

But he added that the sale of the Government's stake in the Royal Bank of Scotland (RBS) remained "some way off".

Mr Osborne said he had ordered an urgent review into the possibility of breaking up RBS into a "good bank" and a "bad bank" to separate out toxic assets and risky loans from parts of the business which support the economy.

The review will particularly focus on assets in Ulster Bank and UK commercial real estate, and will not involve any further injection of taxpayer money into RBS.

The first sale of Lloyds shares is likely to go to institutional investors, but Mr Osborne said a retail offering to the general public is being considered for later - raising the possibility of a "Tell Sid" style privatisation of the kind seen in the 1980s.

In upbeat comments about the state of the UK economy, he said Britain had "left intensive care" and was now moving "from rescue to recovery".

He added: "Nothing better signals Britain's move from rescue to recovery than the fact that we can start to plan for our exit from Government share ownership to private ownership."

RBS could be broken up to separate toxic assets

The Government bought 39% of Lloyds shares and 81% of RBS in a multi-million pound bailout at the height of the financial crisis in 2008 and speculation has been mounting that the Treasury wants to begin the process of selling its stake before the 2015 general election.

Prime Minister David Cameron recently raised the prospect of selling RBS shares at a loss.

Mr Osborne today said that Lloyds was now in a "good position" with growing investor interest and shares trading at "around the price where selling would reduce the national debt".

The Government believes a sale price of 61.2p would allow it to recoup the £20bn it ploughed into the bank. Shares today closed down 0.42p at 61.76p.

Mr Osborne said: "I can announce that we are actively considering options for share sales in Lloyds.

"Of course, we will only proceed if we get value for the taxpayer. And we have no pre-fixed timescale or method of disposal.

"For the first block of Government shares, an institutional placement is likely to be the most effective way of managing risk and getting value.

There was some good news for Bank of England governor Sir Mervyn King

"So five years on from the financial crisis, we can now take the first steps to returning Lloyds to the private sector where it belongs.

"And for later sales of shares, we will consider a retail offering to the general public."

But he said RBS remained "weighed down by too many poor assets" and insisted there would be no sell-off at a loss.

Responding to the speech, shadow chancellor Ed Balls said: "We have always argued that the future of RBS and Lloyds should be driven by the best interests of the British taxpayer and the wider economy, not a political timetable.

"George Osborne has now been forced to back down from the foolhardy idea of a pre-election firesale of RBS.

"The Government's review of the future shape of RBS is welcome but it must look at all the options, including the case for splitting retail and investment banking at RBS, so that there is no return to business as usual."

Mr Osborne's speech came as Downing Street confirmed Sir Mervyn King will be made a peer upon his retirement as Governor of the Bank of England.

Prime Minister David Cameron nominated him for a life peerage for his significant contribution to public service.

In his final Mansion House speech Sir Mervyn said more money must be pumped into the economy to underpin the UK's "modest" recovery.

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