PRESS DIGEST - Financial Times - July 17

Financial Times

SCRAP FUEL DUTY DEVICE, SAYS BUSINESS

On Wednesday, business called for the fuel duty escalator to be scrapped after the government postponed for a further six months the two pence a litre increase that had been due to take effect in October. Gordon Brown was forced to reject suggestions from the Conservatives that the announcement's timing was linked with next week's Glasgow East by-election. Vince Cable, the Lib Dem treasury spokesman, said: "With the government already 45 billion pounds in the red this year and most likely losing revenue from stamp duty, corporation tax and income tax, how will this be paid for?"

UNEMPLOYMENT RISE AT 16-YEAR HIGH