UK Announces 80% Spike in Costs As Energy Crisis Worsens

UK Announces 80% Spike in Costs As Energy Crisis Worsens

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


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Uploaded: 2022-08-26

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