When US and Israeli forces attacked Iran earlier this year, the Strait of Hormuz — through which roughly 20% of the world's oil and gas passes every day — effectively closed. The impact was immediate and global. But the UK felt it more than almost any other advanced economy on earth, and we’re predicted to take one of the biggest hits.
Why? We’ll it’s not just about Iran because we;ve been here before. When Russia invaded Ukraine in 2022, Britain was hit hard then too — and the government spent at least £35 billion supporting households with their energy bills. The same structural problems that made us vulnerable then are making us vulnerable now.
In this episode of FourSight, we look at why energy is a key reason the UK economy keeps getting held hostage to wars fought thousands of miles away. We explore Britain's unique dependence on gas — for heating, for electricity pricing, and for imports — and why our lack of storage, our ageing infrastructure, and years of political instability have left us more exposed than our European neighbours.
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Presenter: Kiran Moodley
Producer: Harriet Tatham
Editor: Matthew Lucas
Motion Graphics: Ian Watkins
Series Producer: Kieron Bryan
Thanks to:
Dr David Aikman, Director of the National Institute of Economic and Social Research
Dr Ewan Gibbs, historian of energy policy at the University of Glasgow
Dr Carole Nakhle, commercial energy analyst and CEO of Crystol Energy
Dr Neil Quilliam, Middle East energy specialist at Chatham House
Professor Karen Turner, Director of the Centre for Energy Policy at the University of Strathclyde
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