The UK’s tough stance against Russia has influenced ordinary British people. However, this time, the citizens respect the sanctions against Russia and are ready to tighten their belts. The country’s economy may go into recession, but its authorities believe that they will cope with it.
Tory MP Steve Baker and Liberal Democrat leader and former Energy Secretary Sir Ed Davey are calling on Britons to prepare for severe economic times. “We could be facing the biggest economic shock since the 1973 crisis,” Sir Ed Davey said. The expected economic crisis is likely to be caused by the UK’s intention to refuse supplies of Russian oil by the end of 2022. Steve Baker and Ed Davey suppose that the decision to cut ties with Russian energy firms may seriously affect the standard of living of ordinary Britons. In fact, an average UK household has already lost £1,750 on a yearly basis amid record-high inflation of 5.5%. However, it is not the ceiling. The Bank of England foresees that inflation may jump to 8%, thus boosting the prices of fuel and food. Such a fast growth pace will have an inevitable impact on ordinary people. Official reports have already unveiled a surge in the poverty level in the UK. In 2020, the share of British people who live in poverty increased to 1.5% from 0.7% in 2019. The rise was mainly driven by record-high inflation, caused by soaring prices of food and utilities. What is more, according to some forecasts, the number of poor people may jump to 30% in 2022.
