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He believes that higher borrowing charges could push the cost of new tar-sands developments as high as $150 a barrel by 2010.
The prospect of a pre-Christmas increase in interest rates rose yesterday after two members of the Bank of England's key policy-making body broke ranks and voted for higher borrowing charges.
However, it doubts that much of this will feed through to High Street customers in the form of higher borrowing charges.
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Commercial banks, by charging one another higher borrowing rates, are in effect doing the bank's work for it, they said.
HSBC claims the new charging structure will mean informal borrowing charges are "reduced for the majority of customers", although for some users the daily charge could result in higher fees.
Nor would higher borrowing help.
Higher borrowing costs choke off inflationary pressure.
Higher borrowing costs, Mr. Miller said.
ICM gave voters a forced choice between the two charges of extremism, and found that 40% felt that Conservative cuts were more extreme, while 43% felt that higher borrowing would render Labour the real extremists.
Higher borrowing?
Another is high borrowing.
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