Households in the United Kingdom are facing the biggest fall in living standards since the 1950s according to reports from Bloomberg and The Strait Times.
Consumer confidence is already below levels seen in any economic downturn since at least the 1970s. Government intervention to cut energy bills can only help delay the inevitable according to some analysts, with the UK economy running on its last lapse.
Although Covid-19 may have kick-started it, the war in Ukraine may be the nail on the coffin as UK actively seeks to isolate Russian energy, sending cost of living skyrocketing across the British isles.
As at the time of publishing this article, the average price of gas in UK is hovering around the £8 per gallon.
The main factor in price disparities between countries is government policy, according to AirInc, a company that tracks the cost of living in various places around the world.
Many European nations tax gasoline heavily, with taxes making up as much as 75 percent of the cost of a gallon of gasoline, said a spokesperson for AirInc.
In a few Latin America and Middle-East nations, such as Venezuela and Saudi Arabia, oil is produced by a government-owned company and local gasoline prices are kept low as a benefit to the nation’s citizens.
• Petrol prices in Britain have broken through the £8-a-gallon barrier for the first time ever, after bank holiday.
• The average price at the pumps hit 177.88p a litre yesterday, weekend’s jubilee celebrations down to earth.
• Drivers are being warned that ‘frightening’ petrol prices will exceed an average of 180p per litre this week