Post of 30th March 2022

(Financial Times, London dated 29 March 2022)

Governor Andrew Bailey, Bank of England said on Tuesday that Britons will face “historic shock” of their incomes this year due to rise of oil price and Ukraine war.

Governor said oil crisis will slow down economic growth and inflation will rise to 8% this year in the UK and growth will down from 6% to 3.8%. He said inflation will rise like 1970s, after OPEC imposed embargo on countries supported Israel in the Yom Kippur war (1973).

Bailey said this year Russian invasion of Ukraine has made a bad situation for energy (oil and gas) crisis again and Britons will face “very large shock to their real income and spending”. He said, “this is really historic shock to real income”.

Iqbal Shikwah Couplet

ہم جو جیتے تھے’ تو جنگوں کی مصیبت کے لئے
اور مرتے تھے تیرے نام کی عظمت کے لئے

“Our only life was then to face
The perils of Thy holy wars;
To glorify Thy name we died
Adorned with hallowed battle scars.”

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Some comments on the Post

Mohammed Seemab Zaman I am always mentioning/writing in my posts that 1973 Arab-Israeli war changed the fortune of Muslim world after 1876. Now you see Andrew Bailey is mentioning it after 50 years that oil embargo by King Faisal of Saudi Arabia hit the growth of Europe and the U.K.Please keep patience and pray that Iran’s President should stop proxy in Middle East and Africa and bring peace and development in the world.