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they have virtually no storage capacity and are highly reliant on gas for heating and electricity generation, more so than the continent. Gas prices are global so it doesn't matter whether your gas is Russian or not. The UK government is already preparing to spend almost 200 billion on stabilizing prices. (that's more than the NHS and military combined).

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>The UK government is already preparing to spend almost 200 billion on stabilizing prices

I notice public figures saying (paraphrasing) "why shouldn't the current bout of inflation be like the 70s". And I think "because they were trying to maintain the gold standard for way too long and that's what got it going?"

Spending vast amounts on "stabilizing energy prices" seems like essentially the same sort of mistake.

I wonder why other countries falter in emulating the Federal Reserve, which seems to have learned something from history despite all its critics.

I think the idea is to use that money to stop higher energy prices driving inflation

It's not free though, you have to either raise taxes or increase debt, both of those options have some unpleasant consequences.

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