As wholesale gas and electricity prices surge, millions of people in Europe are now spending a record amount of their income on energy, data show
In the east England town of Grimsby, Philip Keetley didn’t turn on his cooling fan at home as Britain sweltered under a record heat-wave this summer.“The cost of living has increased and yet you’re still expected to live on the money provided for when there wasn’t a crisis … I either can have my heating on or eat,” Keetley said.
This winter, Britons will spend an average 10 per cent of their household income on gas, electricity and other heating fuels as well as domestic vehicle fuels, mainly petrol and diesel, twice the amount in 2021, according to Carbon Brief’s calculations of official data. “The increase in energy bills that we’re seeing is completely unprecedented,” said Peter Smith, director of policy and advocacy at NEA.
A third of U.K. households have reduced cooker and oven use, a study by the Financial Fairness Trust showed, a third have reduced the number of showers they take, and half have turned down the temperature in their homes. Gas prices for families in most leading European economies in early 2022 exceeded the peak of previous crises in the 1970s, 1980s and 2000s, according to an inflation-adjusted index for households provided by the International Energy Agency .By the end of the first quarter, the OECD gas price index was still lower than the peak of previous crises.
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