Gas prices in the UK surged by more than a fifth to new all-time highs yesterday as Europe’s energy crisis deepened. Oil prices globally also jumped to fresh three-year highs of more than $83 a barrel on fears of a supply shortfall, threatening to hamper the fragile economic recovery and compound a growing cost of living crisis. Soaring energy prices have increased inflationary pressures, sending the yield on 10-year UK government bonds to 1.09 per cent, the highest since May 2019. Markets believe there is a one in four chance that the Bank of England will be forced to raise rates next month. Household energy bills could jump by as much as a third or £420 to almost £1,700 a year from April if wholesale gas prices do not abate in coming months, experts warned.
Times 6th Oct 2021 read more »