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Russo-Ukraine conflict takes toll on UK economy

todayFebruary 16, 2022 6

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As the world knows by now, there is a Russian Militia near the borders of Ukraine. This act has resulted in people suspecting an invasion of Ukraine by Russia, a continuation of the Russi-Ukrainian conflict since 2014. Along with this, the stock markets of Europe decreased. There were some losses in Wall Street as well. Even the Asian stock markets came down. Global investors have less confidence especially in the companies with Eastern European influence including banks and travel firms.

With Brent crude oil topping £70 per barrel, fuel prices hit a new record high. This may go up to £88 ($100) if Russia invades Ukraine. Oil prices were never this high, not since 2014. With the conflict over at Ukraine deteriorating, fuel supply from Europe and Russia may get halted, which would skyrocket the prices even more. Even daily prices of food and infrastructure bills have risen sharply, partly due to the increasing energy prices. According to the BBC, UK inflation is now at a 30-year high of 5.4%. Investopedia says that inflation is the rate at which the value of a currency is falling and, consequently, the general level of prices for goods and services is rising.

In conclusion, if the invasion actually occurs, it is likely that the whole world will feel the after-effects of it. There will be a catastrophic economic downfall everywhere. Hopefully, it does not come to that situation

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