Britons are bracing themselves for more tough times ahead as the economy starts to shrink and a new forecast suggests average annual energy bills could exceed £5,000 ($6,000) next year
Official data published on Friday showed that the country's GDP dropped by 0.1% in the second quarter of this year. Some analysts believe the recession forecast by the Bank of England last week has already begun.The decline was driven by a 0.4% drop in the service sector, mostly in the health services, and wholesale and retail trade, the Office for National Statistics said. Soaring energy prices have already helped push up inflation to a 40-year high of 9.
UK household energy bills have already soared 54% this year as a result of rocketing wholesale costs, worsened by Russia's invasion of Ukraine in late February. In May, the government announced a £15 billion package of support — including a £400 payment to 29 million households from October — to ease the burden of energy bills. But as energy price forecasts have continued to balloon, many anti-poverty campaigners say the support does not go far enough.
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