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Britain faces ‘oil crunch’ within five years, Richard Branson warns
February 10, 2010
Consumers face a spike in costs for heating, transport, food and other goods, according to the report entitled ”The Oil Crunch – a wake up call for the UK economy”.
[efoods]It said the challenges facing the UK would exceed those presented by the financial crisis and said the poorest in society were most vulnerable to potentially significant increases.
The report said Government must acknowledge the risks to the economy and to produce contingency plans for transport, retail, agriculture and alternative power.
‘Unless we do so, we face a situation during the term of the next government where fuel price unrest could lead to shortages in consumer products and the UK’s energy security will be significantly compromised,” it said.
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