OECD Economic Outlook: comment

"The IMF said at the time of the last gas crisis when Russia invaded Ukraine that the UK was uniquely badly hit because of its high dependence on gas for both electricity generation and heating [2]. The actions of Trump and Putin translate through the oil and gas markets to high and unpredictable bills for both households and businesses adding to the cost of living through everything from fertilisers to food on the supermarket shelves.

"Countries like Spain, which have gone further and faster to unplug from the global gas system by switching to renewables are seeing lower bills as a result. It’s clear now that governments’ net zero emissions targets are not just about pursuing the only way we have to stop climate change, but also energy independence goals, cutting the reliance on volatile oil and gas markets that cause major shocks to economies and livelihoods."