UK currently in 'adjustment phase' post Brexit & COVID, says PM Johnson amidst fuel crisis

British Prime Minister Boris Johnson, Sunday, asserted that his country is currently in a “period of adjustment” after Brexit and COVID. Speaking in the aftermath of the annual conference of the Conservative Party in Manchester, Johnson touted higher wages and skilled economy as the long term solution to the country's ongoing crisis. At present, Europe’s second largest economy is marred with an excruciating fuel crisis and supply chain issues. Additionally, an exit from the European Union paired with a coronavirus pandemic-which Johnson likened to a “fiscal meteorite”- has blunted optimism of the Britons. 

Meanwhile, speaking to BBC news, the British PM reckoned that there will be a period of adjustment, but “that is what I think we need to see”. While he stopped short of commenting upon whether the economy would bounce back to normal , he asserted that this year’s festive season would be “considerably better” than last year. Additionally, he also ruled out the prospects of raising taxes again stating that he was a “fierce” and “zealous” opponent of unnecessary tax hikes. However, he added that at present he could only give “emotional commitment” to refrain from taking the step. 

Petrol and COVID crisis

Notably, it is more than a week now that the United Kingdom has been grappling with a severe petrol crisis. According to the BBC, there is an estimated shortage of more than 1,00,000 HGV with no sign of stability shortly. As per the Petrol Retailers Association (PRA), which covers over 5,000 of the UK's total 8,000 gas stations, 27 per cent of its member petrol pumps were dried out on Thursday. Meanwhile, to curb the panic buying and meet the customer demands, several stations have introduced a £30 cap on individual purchasing capacity. In addition to the plight of unprecedented shortage, petrol prices in the UK have also skyrocketed.

While COVID caseload in the country has rescinded in recent days, the UK still remains to be the fourth most impacted country in the world. As of now, the country has reported a total of 7,900,680 cases with over 136,953 fatalities. As per the latest tally by Worldometer, there are 1,346,067 active cases of COVID in the country.

(Image: AP)