Hundreds of Thousands of British Families Predicted Extreme Poverty
TEHRAN (Tasnim) – The number of Britons living in poverty could reach one million next year. Bloomberg made this forecast with reference to data from the British National Institute for Economic and Social Research NIESR.
The UK is facing one of the worst shocks among the major developed economies, Bloomberg reports, as sharp increases in energy prices due to the situation in Ukraine and tight labor markets lead to higher inflation. According to NIESR, inflation will reach 14.4% at the end of this year, the highest rate in 40 years. The UK economy is forecast to contract by 5% by the end of the year.
After the start of the Russian military special operation to demilitarize and denazify Ukraine, the West stepped up sanctions pressure on Moscow. Restrictive measures primarily affected the banking sector and the sphere of high-tech products. Some countries have announced the freezing of Russian assets, many companies have ceased operations in the country.
The disruption of supply chains led to economic problems in the US and Europe , expressed in rising food and fuel prices.
Since April 1, Russia began to accept payment for gas from unfriendly countries in rubles in order to get away from settlements in dollars and euros. President Vladimir Putin clarified that Moscow recognizes the refusal to carry out transactions in the Russian currency as a default on obligations under contracts.
Since April 27, Gazprom has suspended fuel exports to Bulgaria and Poland due to non-payment. At the same time, the company warned that it would reduce transit to other countries if Sofia and Warsaw began illegal fuel sampling.
