An impressive overview of a dire situation, well illustrated. So far, I have only skim read it but one aspect that might be added is the impact on the balance of trade. Figure 2 touches upon this but the suppression of hydrocarbon production in the North Sea (despite its natural decline) and import substitution, is having a major impact on the trade balance. Maybe £20-30bn net negative and thus very marginally, on government borrowing costs. Incidentally, not to be overlooked, is electricity imports through the interconnectors (running in excess of 30% of demand at 7.30am today).
An impressive overview of a dire situation, well illustrated. So far, I have only skim read it but one aspect that might be added is the impact on the balance of trade. Figure 2 touches upon this but the suppression of hydrocarbon production in the North Sea (despite its natural decline) and import substitution, is having a major impact on the trade balance. Maybe £20-30bn net negative and thus very marginally, on government borrowing costs. Incidentally, not to be overlooked, is electricity imports through the interconnectors (running in excess of 30% of demand at 7.30am today).