Oil price spike could mean government needs to raise taxes again, CPA warns

By Tom Lowe2026-03-09T13:31:00

Fears over delays to interest rate cuts or possible rate rises over the next few months as oil price per barrel tops $100 for first time since Russia’s invasion of Ukraine

Today’s spike in oil prices could lead to interest rate rises and force the government to raise taxes again at the next Budget, the Construction Products Association has warned

CPA economic director Noble Francis said a sharp rise in energy prices and CPI inflation will lead to slower growth this year and a delay in interest rate cuts “at the very least”

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