BUSINESS LIVE: FTSE 100 up 1%; Tax rise fears as energy prices soar

Rocketing gas prices and rising inflation are threatening to blow a hole in Rishi Sunak’s Budget plans, which could force the Chancellor to raise taxes.

The cost of UK gas for November delivery shot up 40 per cent yesterday, following a steep increase over the past month prompted by a shortage of gas flowing into Europe and the UK.

Industry bosses last night accused Boris Johnson of setting Britain on the path to rampant inflation as the Prime Minister stepped up his battle with business.

Firms warned labour shortages – which have triggered empty shelves and queues at petrol stations – will lead to spiralling prices unless the Government intervenes.

Britain’s competition watchdog the Competition and Markets Authority said on Thursday that ‘a lack of clarity in the law’ means it is unable to ensure customers of British Airways and Ryanair, who were prevented from flying due to Covid-19 restrictions, can secure a refund.

The CMA has launched a probe into the airlines in June over concerns they may have broken the law by failing to offer refunds for flights customers could not legally take during periods of lockdown.  

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Troubles ahead: Rocketing gas prices and rising inflation are threatening to blow a hole in Chancellor Rishi Sunak's Budget plans, which could force him to raise taxes

Troubles ahead: Rocketing gas prices and rising inflation are threatening to blow a hole in Chancellor Rishi Sunak's Budget plans, which could force him to raise taxes

Troubles ahead: Rocketing gas prices and rising inflation are threatening to blow a hole in Chancellor Rishi Sunak’s Budget plans, which could force him to raise taxes 

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