The 2022 energy crisis could be more serious for the UK than the financial crash of 2008. This is reported by the consulting company Baringa Partners.
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Analysts predict that the upcoming winter increase in electricity prices will be three times higher than a year earlier. This, according to experts, will lead to a reduction in the consumer budget.
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“The societal impact will be greater than the 2008 crash in terms of impact on households. We are approaching a state where most of them are in debt or in very precarious financial situations,” said James Cooper, spokesman for the company.
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According to the publication, it is predicted that from October 1, the average annual electricity bill will exceed £3.5 thousand (about $4.2 thousand). In addition, analysts point to an increase in the debt burden of the British even in the summer. As a rule, at this time, citizens pay off their winter debts, but now the situation has changed due to rising energy prices.
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“There is a fear that people will not be able and will not pay, and the number [of such citizens] will grow very quickly. This could lead to a domino effect on small electricity providers and bankrupt them,” added analyst John Musk.