Oil. Energy sovereignty.
Oil prices spiked 30 percent in a week and inflation is coming back, and none of it is down to anything we did. Britain doesn't own its own energy, so it doesn't control its own economy.
THE GIST ON OIL: "The Energy Sovereignty Crisis"
How dependent is Britain?
Britain imports nearly half its energy. Oil and gas production is down 75 percent from its peak. 80 percent of our homes are heated by gas priced on global markets we have no control over.
When energy prices exploded four years ago, we waited out the stabilisation and called it a recovery. Nothing recovered. We just got lucky. That's not an economy, that's dependency.
Why does this matter for the economy?
Interest rates, inflation forecasts and growth targets all rest on stable energy prices that we don't control. The OBR's forecast came out last week and was out of date within days.
Every economic plan the country has is built on the proviso that, fingers crossed, we get a good price for energy from abroad. Which is mad.
What is the answer?
The countries with stability over the next 20 years will be the ones that power themselves. Energy sovereignty is economic sovereignty.
A country that can't control what it costs to keep the lights on can't control its economy. Until we figure that out, your heating bill will be dictated by whoever is fighting whoever, wherever in the world, forever.
Would you pay more to make Britain self-powered?
Your take. One tap, then see how everyone else voted.
Quick answers
How much energy does Britain import?
Nearly half.
How much has oil and gas production fallen?
Down 75 percent from its peak.
How many homes are heated by gas?
80 percent, priced on global markets.
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