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London: Britain is facing a historic income shock worse than what happened in the 1970s

London: Britain is facing a historic income shock worse than what happened in the 1970s

Bank of England Governor Angro Bailey warns that “the real income shock in the UK will be greater than in any year in the 1970s” due to the crisis in Ukraine.

  • UK ‘income shock’ over rising energy prices

Bank of England Governor Andrew Bailey on Monday said the people of Britain are facing a “historic shock” in their incomes, which is generated by higher energy prices, which could “affect the UK’s economic growth and consumer demand”.

Bailey stressed that due to the crisis in Ukraine, “the real income shock in the UK will be higher than ever before in the 1970s with higher energy prices.”

He added, “Slow economic growth and high inflation rates have been the biggest challenge for the Fed’s Monetary Policy Committee since it was established in 1997.”

The British newspaper, the Daily Telegraph, said in a statement that “the United Kingdom has doubled Russian diesel imports over the past decade” and confirmed that “this happened despite the ministers’ insistence that Britain should not depend on Vladimir Putin.” Energy. ”

The newspaper noted that since the start of Russia’s operations in Ukraine, “the ministers are keen to emphasize that the country receives only 4% of natural gas from Russia,” but at the same time, “no other energy sources were mentioned.”

In an effort to mitigate the impact of inflation on the cost of living, Britain announced an emergency fuel tax cut of 6.2% in February, the highest level in 30 years.

In addition to the inflation crisis, there has been a heat crisis as a result of restrictions on their purchase, as prices of Russian wood pellets have risen by 25-40%.

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