He added that those memories were dominant in the last few months afterward War in Ukrainewhich has brought energy prices worldwide to historic levels.
While history doesn’t exactly repeat itself, the similarities between the past and the present are hard to ignore.
He said that today, as in that year, inflation has reached record levels, months before the storm broke (October War).
At the time, much blame was placed on the Prime Minister, Edward Heath (who ruled Britain between 1970 and 1974), and his Treasury Secretary, Anthony Barber, as they gambled on injecting huge funds into the economy in the hope to achieve growth.
While the plan achieved some positive results such as a decrease in the unemployment rate, inflation started to rise.
By the summer of 1973, prices had risen about 10% a year. In early October 1973, he announced a complex package of measures for countries to control the economy to control inflation.
big event
But less than a week later, a major global event occurred, when Egyptian and Syrian forces launched a surprise attack on Israel through the Suez Canal and the Golan Heights, causing"A devastating rise in energy prices".
As the battles intensified, the oil-producing Arab countries made the fateful decision to raise oil prices by 70%, and the next day they decided to ban oil exports to the United States and other countries that supported Tel Aviv in the war .
And then energy prices in Britain and other Western countries have reached historic levels.
As for the UK, whose economy was faltering, the Arab decision was a major blow, as inflation soared to 15 per cent, and it went so far as to ration electricity, as half of the country’s street lights were extinguished.
The impact of that war was not only economic but also political: in the autumn of 1973, some saw in the energy crisis an opportunity to humiliate the Conservative government, and trade unionists were among them.
Today, almost 50 years later, the circumstances are similar, as Britain is currently suffering from an energy crisis, another caused by union strikes and a third linked to the high cost of living.
The newspaper says the parallels between 1973 and 2023 look exciting:
- There is a Conservative Prime Minister at 10 Downing Street.
- A distant war causes an energy crisis.
- Large strikes led by militant trade unionists.
- An economy heading towards recession.
Fears of a recurrence of the 1973 war oil shock have grown in Britain, following the outbreak of war in Ukraine on February 24, 2022.
And at the start of the war last year, the cost of living in Britain was expected to rise, and it did.
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And the British newspaper ‘Daily Mail’ said that one of the memories that still resonates in Britain so far is the economic and energy crisis in the wake of October War in 1973 among the Arabs andIsrael.
He added that those memories were dominant in the last few months afterward War in Ukrainewhich has brought energy prices worldwide to historic levels.
While history doesn’t exactly repeat itself, the similarities between the past and the present are hard to ignore.
He said that today, as in that year, inflation has reached record levels, months before the storm broke (October War).
At the time, much blame was placed on the Prime Minister, Edward Heath (who ruled Britain between 1970 and 1974), and his Treasury Secretary, Anthony Barber, as they gambled on injecting huge funds into the economy in the hope to achieve growth.
While the plan achieved some positive results such as a decrease in the unemployment rate, inflation started to rise.
By the summer of 1973, prices had risen about 10% a year. In early October 1973, he announced a complex package of measures for countries to control the economy to control inflation.
big event
But less than a week later, a major global event occurred, when Egyptian and Syrian forces launched a surprise and jaw-dropping attack on Israel via the Suez Canal and the Golan Heights, leading to a “devastating price rise of energy”.
As the battles intensified, the oil-producing Arab countries made the fateful decision to raise oil prices by 70%, and the next day they decided to ban oil exports to the United States and other countries that supported Tel Aviv in the war .
And then energy prices in Britain and other Western countries have reached historic levels.
As for the UK, whose economy was faltering, the Arab decision was a major blow, as inflation soared to 15 per cent, and it went so far as to ration electricity, as half of the country’s street lights were extinguished.
The impact of that war was not only economic but also political: in the autumn of 1973, some saw in the energy crisis an opportunity to humiliate the Conservative government, and trade unionists were among them.
Today, almost 50 years later, the circumstances are similar, as Britain is currently suffering from an energy crisis, another caused by union strikes and a third linked to the high cost of living.
The newspaper says the parallels between 1973 and 2023 look exciting:
- There is a Conservative Prime Minister at 10 Downing Street.
- A distant war causes an energy crisis.
- Large strikes led by militant trade unionists.
- An economy heading towards recession.
Fears of a recurrence of the 1973 war oil shock have grown in Britain, following the outbreak of war in Ukraine on February 24, 2022.
And at the start of the war last year, the cost of living in Britain was expected to rise, and it did.
