Fuel

The Bank of England has cut the base rate for the first time in more than seven years, reducing it from 0.5% to a new historic low of 0.25%.

Motorists will now pay less for fuel at many supermarket forecourts as Tesco, Asda, Sainsbury's and Morrisons have all cut their petrol and diesel costs.

Motorists have been spared a rise in fuel tax after the Chancellor announced he would freeze the duty for the sixth consecutive year.

'Road tax' rates are to be shaken up for new cars from 2017, while a new 'Roads Fund' is to be established so money raised in England will be spent on maintaining and upgrading roads in the country.

Ofgem is today calling for energy suppliers to scrap charges of up to £360 to install and remove prepayment meters after it found the fees are putting many people – including some of society's most vulnerable – off switching, which can save up to £300/year.

Price comparison sites should pay compensation to energy customers who have been misled into switching to deals that were not the cheapest on the market, MPs say.

E.on has today become the first energy provider to cut its standard energy prices this year, but the move will shave only £24 from an average customer's annual gas bill. Far greater savings are available to those who switch.

Supermarket Sainsbury's has started a petrol price war after announcing it will cut the cost of petrol and diesel by up to 5p/litre from tomorrow.

Drivers filling up at Asda, Sainsbury's and Tesco will see petrol prices fall by up to 2p/litre from tomorrow.