LONDON — Long lines at gas stations, rising fuel prices, empty shelves in supermarkets and worries about runaway inflation.
Britons have emerged from 18 months of pandemic-imposed hibernation to find their country has many of the same afflictions it had during the 1970s. There is nothing Austin Powers-like about this time machine: Unlike the swinging Sixties, the Seventies were, by all accounts, some of the bleakest days in postwar Britain; even contemplating a return to them is enough to make leaders of the current government shiver.
The sudden burst of doomsaying in Britain is rooted at least as much in psychology as economics. While there is no question the country faces a confluence of problems — some caused by the pandemic, others by Brexit — experts said it was far too soon to predict that Britain was headed for the kind of economic malaise and political upheaval that characterized that decade.
“It’s a combination of things that could, in principle, lead to that, but are quite survivable on their own,” said Jonathan Portes, a professor of economics at Kings College London. “We always talk about the 1970s, but it’s half a century later, and all sorts of things are different.” » | By Mark Landler, Eshe Nelson and Jenny Gross | Friday, September 24, 2021
U.K. Economic Headaches Pile Up From Inflation to Energy Crisis: Gas crisis, Brexit, the pandemic and furlough weigh on growth / Inflation surge adds to pressure on BOE to remove stimulus »
…petrol bosses limit drivers to £30 fuel each while panic-buyers gridlock forecourts and tempers flare at the pumps »
