Oil prices have plunged by over 70% since the summer of 2014. Energy giants are suffering as British companies like BP reported a 51% fall in profits and are cutting 7,000 jobs as a result.

However, Bank of England deputy governor Ben Broadbent told BBC Radio 5live’s Wake Up To Money this morning that the oil price crash is good for Britain’s economy

“I think it’s a net good,” he said to the BBC. He said that the 7% rise in real wages over the last two years has largely been down to “the drop in oil prices. That’s boosted read more >>>

Source : BusinessInsider.Com