Bank of England Governor Andrew Bailey, making his quarterly report to MPs yesterday, said that there is nothing that the Central Bank can do to avoid the country slipping into recession in the fourth quarter of this year and not seeing any growth in 2023.

He claimed that it is not the Bank of England’s monetary policy decisions that have created the crisis, but Russian President Vladimir Putin’s invasion of Ukraine which has driven up the price of basic foodstuffs together with his actions over energy supply.

While the UK isn’t dependent on Russian gas to the same extent as, say, Germany, the economy is still energy dependent.

The new Prime Minister, Liz Truss, will today flesh out the Government’s plans to deal with the rising cost of energy. It is expected that the energy cap will be frozen and around £2,500 for the next eighteen months for domestic suppliers.

Little has been said about businesses, whose energy bills have risen by a multiple of three or even four over the past year.