UK faces highest borrowing rates since 1998 as energy costs spike
Oil nears $100 per barrel following Houthi attacks on Saudi energy facilities, while UK gas prices hit highest levels since January 2023.
Saudi authorities reported attacks on energy facilities by Yemen's Iran-aligned Houthis, sending oil prices climbing and raising concerns about global energy supply. Gas prices in Europe are rising as countries rush to build winter storage reserves, with UK month-ahead gas prices up around 1% to 184p a therm.
The UK is contending with its highest borrowing rates since 1998, adding pressure to public finances at a time when energy costs are surging ahead of the winter season.
Sources
- UK pays highest borrowing rate since 1998 as pressure builds on public finances – business live — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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