UK Announces 80% Spike in Costs As Energy Crisis Worsens
  • 2 years ago
UK Announces , 80% Spike in Costs , As Energy Crisis Worsens.
Associated Press reports that people
in the United Kingdom are struggling
to cope amid a cost-of-living crisis.
The U.K.'s energy regulator announced
that the crisis will continue with an
80% increase in annual household energy bills.
The announcement comes
following a record
54% spike in April. .
AP reports that the latest price
cap will take effect on October 1.
In January, energy bills are
once again expected to rise.
Russia's invasion of Ukraine sent
wholesale natural gas prices soaring
and drove up consumer costs.
The U.K. is experiencing
the highest inflation rate among
Group of Seven nations.
In response, many workers have gone
on strike, pushing for pay to keep up
with the rapidly rising cost of living.
National rail workers, postal and port workers,
garbage collectors and lawyers have all
staged walkouts or strikes over pay disputes.
According to the Bank of England, inflation
is expected to rise above the 40-year high
of 10.1% which was just set in July.
England's central bank predicts
that the record-high inflation will
trigger a recession sometime in 2022. .
According to a May study by the Joseph Rowntree Foundation,
approximately one million low-income households have already
taken on new or extra debt to cover an essential bill
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