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UK Energy Crisis: Interdependence with Europe

12 September 2022
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Russia’s weaponisation of gas exports to the EU and resulting Continent-wide energy supply crisis also impacts the UK via rising prices on the wholesale market for this commodity

The UK’s imported gas supplies are mainly from the wellhead in Norway and look to be secure from interruption, despite higher demand from EU Member States

The UK is implementing a vast two-year subsidy programme worth c.£150 billion to cushion households and blunt the advance of recession

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    The UK economy is going sideways as the cost-of-living crisis dents retail volumes—a predictor of GDP—as consumers have little choice but to cut back on purchases of essential categories sharply hit by soaring prices

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    Access report

  • UK economic update: Cost-of-living crisis surges

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    The cost-of-living crisis facing the UK economy notched up a gear in April, with a shock 9% CPI reading due to the home energy price cap increase; the May reading of 9.1% implies ongoing real income declines. The World Bank warns of the largest commodity shock in 50 years as a result of Russia’s invasion of Ukraine—with prices to remain elevated for 2-3 years

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