Britain’s natural gas shortage, and fears of a possible winter of discontent featuring 70s-style rolling blackouts, have been driving headlines all week. But a fact largely missing from the coverage is just how closely the structural situation resembles the one that drove the collapse of Northern Rock in 2007, and which later catalysed the wider financial crisis of 2008. Before we set out how, though, it’s worth stressing that the natgas shortage is not solely a UK phenomenon. Europe is suffering too. Significantly. The shortages themselves are the product of a perfect storm of global issues. These include under-stockpiling during the summer period in Europe due to more competition for LNG (liquid national gas) supplies from Asia; uncertainty related to delays in the
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Britain’s natural gas shortage, and fears of a possible winter of discontent...