UK gas prices soared on Wednesday, hitting record highs.
As a result, factories could be forced to close whilst households are likely to face higher bills.
Vladimir Putin has said that Russia, the largest supplier to Europe of gas, will ease the crisis faced. This caused prices to fall from highs 350p per therm.
Danni Hewson, AJ Bell financial analyst, commented on the rise in gas prices: “News that Russia will boost gas supplies has steadied market nerves a little this afternoon and helped temper those record price hikes but businesses are worried, and investors are too.
“Even at current prices some energy intense sectors will struggle to operate as normal over the winter months and those that can keep operating as normal will have to find a way to push costs through the system.”
“Ultimately it will be the consumer that will have to pay and for some consumers today was as unwelcome as an egg sandwich on a crowded train.”