Energy prices are set to increase more than 80 per cent in the UK before the end of this year on the back of rising wholesale gas and power costs.
Consumers and businesses have already been grappling with this trend for several months, as well as with inflation that has hit food prices (expected to jump another 12 per cent by next year) and the cost of other goods.
The high cost of energy is a global issue, with Britain's European neighbours also affected by the war in Ukraine and its effect on Russian exports.
In a very hot summer, drought measures are in place in parts of England.
Goldman Sachs forecasts a recession by the fourth quarter and the pound has been weakening against the US dollar as a result of a nosedive in sentiment. The fractious political landscape in recent years is both a cause and also the source of potential solutions to the crises the country faces.
Britain's Chancellor Nadhim Zahawi is travelling to the US this week to seek joint solutions to the cost-of-living crisis with leading bankers and government officials.
However, some consumers have said they will protest against the costs rather than pay them.
The National's London Bureau Chief Damien McElroy joins host Mustafa Alrawi to explain why the crisis has come about and discusses which direction the country might head next under such pressure, including the possibility of a radical shake-up of the social contract.
In this episode
The cost of living and the energy crisis in the UK (0m 15s)
The 'Brexit discount' and UK's readjustment (6m 58s)
Is politics a solution? (9m 22s)
UK government's help for individual and businesses (15m 01s)
Knock-on effect of the energy crisis (17m 48s)
Read more
Britain's energy crisis explained as cost of living woes await new PM
Liz Truss 'favours targeted support' to ease UK's cost of living crisis
A quarter of UK parents with school-age children do not plan to use heating this winter
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The five pillars of Islam
The years Ramadan fell in May
More from Rashmee Roshan Lall
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
UAE currency: the story behind the money in your pockets
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
