LONDON: Consumers should not panic buy products as Britain is not heading back into a 1970s-style “winter of discontent” of strikes and power shortages, a junior minister said on Thursday.
Soaring wholesale European natural gas prices have sent shockwaves through energy, chemicals and steel producers, and strained supply chains which were already creaking due to a shortage of labour and the tumult of Brexit.
After gas prices triggered a carbon dioxide shortage, Britain was forced to extend emergency state support to avert a shortage of poultry and meat.
Tesco, Britain’s biggest supermarket group, told government officials last week the shortage of truck drivers would lead to panic-buying in the run-up to Christmas if action was not taken.
Supermarket shelves of carbonated drinks and water were left empty in some places and turkey producers have warned that families could be left without their traditional turkey lunch at Christmas if the carbon dioxide shortage continues.
In a further sign of worsening supply chain dislocation, BP temporarily closed some of its UK petrol forecourt sites due to a lack of both unleaded and diesel grades, which it blamed on driver shortages.
“There is no need for people to go out and panic buy,” Small Business Minister Paul Scully told Times Radio.
“Look, this isn’t a 1970s thing at all,” he said when asked if Britain was heading back into a winter of discontent - a reference to the 1978-79 winter when inflation and industrial action left the economy in chaos.
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