UK Energy Crisis: Prices Spike Amid Middle East Conflict

0:00It's March 10th. Here's what's happening around the world. The ongoing conflict in the Middle East is creating big headaches for the UK on two fronts. First, the foreign office is scrambling to help stranded Britons get home amid tight airspace and limited flights. Second, and hitting millions harder, energy prices are spiking, which could drive up household bills across the country. Rural areas in Britain and many homes in Northern Ireland stand to feel this the most. Every insider say they have little storage, so wholesale price jumps pass straight to customers. Ministers have voiced worries about people getting overcharged, even as they push back against those claims. Lawmakers are set to grill a Treasury Minister this Wednesday on the fallout. Public reaction mixes frustration with the cost of living squeeze and hope their prices stabilize soon. Families are bracing for tougher budgets if the disruptions drag on. The energy price cap offers some shield until the end of June, limiting gas and electricity

1:00costs. Former Chancellor Jeremy Hunt noted a rough Treasury guide, a 20% rise in energy prices could add 1% to inflation and shave half a% off growth. Everyone's watching closely in the coming days, hoping the war wraps up fast and oil flows freely again. UK leaders admit they have little sway over the timeline, coming on top of the pandemic in Ukraine's invasion as yet another economic jolt. DNN is sponsored by our partner. Check out the episode description. Some chase piece. I put my head in it, S-O-L-I, solelypillo.com.