The nearby island polities of the Isle of Man, Jersey and Guernsey are crown dependencies, in union with the British monarch, but do not strictly form part of the United Kingdom or any of its three jurisdictions or four countries, although the British government retains responsibility for their external affairs. The Isle of Man lies roughly midway between Great Britain and the island of Ireland in the Irish Sea, while the Channel Islands lie just off the northern French coast. From late 2021 onwards, various factors converged to encourage a global acceleration of prices, leading to the ongoing inflation crisis. Blocked-up supply chains were one of the main factors as the world emerged from the COVID-19 pandemic. This was followed by energy and food inflation skyrocketing after Russia’s invasion of Ukraine. Central bank interest rates were raised globally in response to the problem, possibly putting an end to the era of cheap money that has defined monetary policy since the financial crash of 2008.
Inflation rises across in the world in 2022
- Although the Retail Price Index is a commonly utilized inflation indicator, the UK also uses a newer method of calculating inflation, the Consumer Price Index.
- Legend says it was built by a giant who wanted a shortcut between Northern Ireland and Scotland, but really it was formed when the lava from a volcano cooled and formed these columns.
- England accounts for 53 per cent of the UK, covering 50,350 square miles (130,395 km2).153 Most of the country consists of lowland terrain,154 with upland and mountainous terrain northwest of the Tees–Exe line which roughly divides the UK into lowland and upland areas.
- The number of craft beers and microbreweries has expanded rapidly in the last two decades.512 Other popular alcoholic drinks produced in the UK include Scotch whisky, English wine, gin, perry and cider.
Legend says it was built by a giant who wanted a shortcut between Northern Ireland and Scotland, but really it was formed when the lava from a volcano cooled and formed these columns. Cool and creative, and part of Lonely Planet’s Best in Travel 2026 list, Bristol is a must-visit for art, culture and action-packed adventure. From palaces to cobbled alleys and even a castle on a dormant volcano, this city is a real show-stopper. Bring your big-screen dreams to life in the north-west Home Counties, a star player in Britain’s film and TV scene. Fall under the spell of the north-east of England on a set-jetting journey that’s laced with magic.
Top filming locations: Britain on screen
Despite an uptick in inflation in 2025, the inflation rate is expected to fall to 2.5 percent in 2026, and two percent between 2027 and 2029. One of the main consequences of high inflation and low wage growth throughout 2022 and 2023 was an increase in industrial action in the UK. In December 2022, for example, there were approximately 830,000 working days lost due to labor disputes. Throughout this month, workers across various industry sectors were involved in industrial disputes, such as nurses, train drivers, and driving instructors.
The most important key figures provide you with a compact summary of the topic of “The UK economy” and take you straight to the corresponding statistics. Unsurprisingly, the heat wave that spread across the British Isles in 2018 was the result of particularly sunny weather. This was more hours of sun than was recorded in July 2024, which only saw 5.8 hours of sun.
Following the initial waves of the virus, global supply chains struggled to meet the renewed demand for goods and services. Russia’s invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food non gamstop casinos markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024.
Research and statistics
As of the most recent month, prices were rising fastest in the education sector, at 7.5percent, with prices increasing at the slowest rate in the clothing and footwear sector. Apart from the land border with the Irish republic, the United Kingdom is surrounded by sea. To the south of England and between the United Kingdom and France is the English Channel.