Finance expert warns UK must ration gas or face more devastating price hikes in 2023

In fact, UK inflation hit 11.1 percent, a 41-year high, earlier this year. And as a result of increased demand for oil and gas amid Russia’s invasion of Ukraine, energy prices have also soared.

While the Government has attempted to step in to ease the crisis with a £400 winter discount, a one-off cost of living payment and an energy price guarantee, Steen Jakobsen, chief investment officer at Saxo says there may be a better way to protect consumers.

He argues in Saxo’s official Outrageous Predictions that if the Government continues to try and control prices, there is potential for the cost of living crisis to get worse next year. Instead of trying to tackle inflation, which he says could possibly rise faster as a result, Prime Minister Rishi Sunak should consider power rationing to help fix the “underlying issues”.

Mr Jakobsen said: “Inflation will remain a challenge to control as long as globalisation continues to run in reverse and long-term energy needs remain unaddressed. Nearly all wars have brought price controls and rationing, seemingly as inevitable as battle casualties.

Article source: https://www.express.co.uk/news/science/1706982/uk-gas-energy-crisis-prices-inflation-price-cap-saxo