What war in Ukraine could mean for you on the home front

  • Date: 26-Feb-2022
  • Source: The Telegraph
  • Sector:Oil & Gas
  • Country:Gulf
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What war in Ukraine could mean for you on the home front

In Britain, almost 2,000 miles away from the action in Ukraine , it’s easy to feel complacent about how war could affect our lives. Indeed, we are very unlikely to be drawn into a “hot” military conflict. But experts say that war between Russia and Ukraine will change everyday life in the UK in ways most people have not yet fully understood. From mortgage-rate rises to bigger grocery bills, and cyber attacks to a new age of nuclear anxiety, here's how Putin’s invasion could echo around the streets of Britain. Will my gas and electricity bills rise? As one of the world’s largest oil and gas producers – it supplies about 40pc of Europe’s gas and is the world’s third largest producer of oil – Russia has a huge influence on markets, which ultimately hits people in Britain via our energy bills and at the pumps. We are already facing record increases in energy bills in April, when the near-£700 rise in the energy price cap comes into effect , and record fuel prices as a result of global oil and gas supply constraints. Household energy bills could increase yet again in October if wholesale prices remain high, which is