BGN Entrepreneur

The price of oil jumped by nearly 4% amid warnings that the surge will clobber the UK’s economy. Brent crude rose $4.12 a barrel to $114.72 as the turmoil in the Middle East and catastrophic events in Japan went on to rattle the markets.
According to the National Institute of Economic and Social Research, the price spike will add 1% to UK inflation in 2011 and GDP will be about 0.3% lower than it would otherwise have been. The news came as the Japanese yen surged to its strongest level against the dollar since the Second World War and the Nikkei went back into reverse with a 1.5% fall.

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