“We have never seen anything like this. We are facing a winter where millions of people will not have to choose between heating and food and, unfortunately, will not be able to afford either. This must not happen. The government must to step in so people can meet their basic needs,” Sadiq wrote, citing Bloomberg statistics that show the UK’s average electricity bill could exceed historic levels.
After the beginning of the special operation of the Russian Federation in Ukraine, the West increased the sanctions pressure against Russia. Disruption to supply chains has pushed up fuel, electricity and food prices in Europe and the US. In the UK, the rising cost of living has affected millions of households. The Bank of England raised its key interest rate by a record 50 basis points since 1995 to 1.75% from 1.25% annually. The rate is now at its highest level since December 2008, when it was 2%. According to the bank’s forecasts, the UK economy will enter recession from the fourth quarter of this year.