Britain & Italy: Energy Crisis & Economic Woes

0:00It's April 5th. You're listening to Europe News today, AI-powered coverage from every European capital. Britain and Italy, big and portals of oil and gas, are feeling the heat from the ongoing U.S. and Israel war against Iran. Since full-scale attacks kicked off in late February, global crude oil prices have surged 53 percent, and European gas supplies jumped. 65 percent. The International Monetary Fund called out these two countries for their heavy reliance on gas for power plants and oil for transport and industry. The organization for economic cooperation and development just slashed growth forecasts, dropping Britain and Germany to a week 0.7 percent this year and Italy to a mere 0.4 percent. slower growth hits tax revenues hard and Britain is especially exposed with his shaky public finances and hotter inflation compared to Europe. Borrowing costs for the UK government are steep at 4.77 percent for 10-year bonds, thanks

1:00to the 2022. Many budget mess under Liz Truss that spooked markets. Investors still demand a premium, and any straight-of-formose closure could spark another meltdown, echoing the energy shocks of the 1970s. And Stagflation fears. Analysts, like capital economics, warn of potential market disruptions if the war drags on while Italy and Greece borrow cheaper around 3.8 percent with Eurozone backstops. Even President Trump is zeroing in on Prime Minister Kierstarmher's economic woes, piling on pressure amid rising fuel and heating costs. As central banks Irate hikes to fight fresh inflation, Britain walks a tightrope between low growth and higher bills, keeping economists and leaders on high alert for what's next.