Putin will deliver an energy shock worse than the 1970s, warns Andrew Bailey

Grant Shapps gives P&O ‘one last chance’ to reverse sacking of 800 workers US recession indicator flashes red in fresh blow for President Biden FTSE 100 dips 0.1pc; Pound tumbles against dollar Andrew Orlowski: Electric cars have a very dirty secret Sign up here for our daily business briefing newsletter A ndrew Bailey has warned the hit to living standards from surging energy prices in the wake of Russia's invasion of Ukraine will be worse than in any year in the 1970s. Speaking at an event in Brussels, the Bank of England Governor said: "This really is an historic shock to real incomes. The shock from energy prices this year will be larger than every single year in the 1970s." Vladimir Putin's warmongering and resulting sanctions have sparked a huge surge in oil and gas prices, piling further pressure on households at a time when inflation is at a 30-year high. The Bank of England is tasked with balancing rising prices with the risk of an economic slowdown. Mr Bailey said the central bank had softened its language on interest rate rises to reflect the uncertain outlook, but insisted it was appropriate to tighten policy in the current circumstances. 6:10PM Wrapping… Read full this story

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