Brits facing bigger shock to incomes than in the 1970s oil crisis, Bank of England governor warns

BRITS are facing a bigger shock to incomes than in the 1970s oil crisis, the Bank of England governor said yesterday.

Andrew Bailey’s stark prediction came as experts warned petrol prices could rocket next year as Rishi Sunak plans to push fuel duty back up after a 5p cut.

Brits are facing a bigger shock to incomes than in the 1970s oil crisis, Bank of England governor Andrew Bailey has said

Mr Bailey told a think-tank event in Brussels: “This really is historic.

“The shock from energy prices this year will be larger than every single year in the 1970s.”

That decade saw eye-watering inflation and a global recession.

Many Brits were forced to use candles for light and cut back on petrol.

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There was even talk of a formal return to rationing using vouchers left over from the Second World War.

Richard Hughes, chairman of Treasury watchdog OBR, said pump prices could jump six per cent in 2023 if the Chancellor “superindexes” fuel duty by raising it by two years’ worth of inflation.

Mr Sunak will come under massive pressure to keep tax on petrol down while the crisis goes on.

No10 froze fuel duty for 12 years straight before this year’s cut, thanks to The Sun’s Keep It Down campaign.