British households are facing a bigger shock from energy prices this year than at any time during the 1970s oil crisis, Andrew Bailey has warned
said swings in commodity markets following Russia’s invasion of Ukraine posed a risk to financial stability and that the challenges facing the global economy now are bigger than after the 2007-2009 financial crisis.“This really is an historic shock to real incomes”, Mr Bailey said at an event held by the Bruegel economic think tank in Brussels. “The shock from energy prices this year will be larger than every single year in the 1970s”.
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