The European Energy Crisis and the Future of the UK

Abstract

Currently, the European economy is facing a downturn due to an unprecedented and serious energy crisis caused by the Ukrainian war. This study attempts to investigate the short- and long-term effects of the European energy crisis on the United Kingdom. The study under investigation focuses on the key strategies that should be implemented by the EU to exit from this crisis, and what does the future of the UK look like. To answer the main research question, the Historical-Descriptive methods are adopted. The results showed that the current energy crisis is impacting Europe and the United Kingdom in particular, which exerts pressure on the European pound market. It leads to a rise in energy prices, bills, food, and low income for households. The study concludes that Europe, especially the United Kingdom, has taken many crucial decisions and measures to tackle this crisis, for instance, reducing energy consumption, lowering reliance on Russian oil and gas, and accelerating the clean energy transition.