Energy Hikes Add to Week of Turmoil as Train station strikes continues in UK

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Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets.

Only about 11% of train services were expected to operate across the U.K. Saturday, according to Network Rail. Unions said they called the latest in a series of one-day strikes to demand that wage increases keep pace with inflation that is expected to peak at around 11% this month.

Consumers were also hit with a jump in their energy bills Saturday as the fallout from the Russian invasion of Ukraine pushes gas and electricity prices higher. Household bills are expected to rise by about 20%, even after the government stepped in to cap prices.

Prime Minister Liz Truss, who has been in office less than a month, cited the cost-of-living crisis as the reason she moved swiftly to introduce a controversial economic stimulus program, which includes 45 billion pounds ($48 billion) of unfunded tax cuts.

Concern that the plans would push government debt to unsustainable levels sent the pound tumbling to a record low against the dollar this week and forced the Bank of England to intervene in the bond market.

“We need to get things done in this country more quickly,” Truss said in an unapologetic column for The Sun newspaper published Saturday. “So, I am going to do things differently. It involves difficult decisions and does involve disruption in the short term.”