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Bank of England warns of energy-price shock ...News
Crisis to be bigger than that of the 1970s, the regulator says The shock to incomes in Britain from rising energy prices will be bigger than in the 1970s, the Bank of England warned this week. British consumers and businesses are expected to come under severe pressure from the cost of living increase as the economy’s growth slows down. According to the Office for National Statistics, 51% of Britons are spending less on non-essentials, 34% conserve gas and electricity usage, while 31% spend less on food and other essential products. “This really is a historic shock to real incomes,” the bank’s governor, Andrew Bail
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