Economic Impacts of the War in Ukraine on the UK

Contemporary
Business Environment

Executive Summary
The international market, which is just now beginning to heal from the pressure and
strain of the coronavirus, will reportedly be significantly impacted by the protracted conflict
between Russia and Ukraine, as according to the estimates. This essay will demonstrate how
such a problem has repercussions for the UK's economy by listing its substantial
implications. The effects on the financial front will decide the actual position of trade as a
result. The clarification of appropriate implications will also serve as a guide for the officials
as they consider what steps to take to get back on course.

Table of Contents
1. Introduction...................................................................................................................................4
2. Discussion and Analysis................................................................................................................4
2.1. Economic Impacts of the War in Ukraine on the UK.............................................................4
2.1.1. UK-Russia Trade...........................................................................................................4
2.1.2. Global Gas Prices...........................................................................................................4
2.2. Major Recommended Economic Responses of the UK’s Government and their Implications.
5
2.2.1. Increase in Country’s Gas Production............................................................................5
2.2.2. Increment of Universal Credit........................................................................................6
2.2.3. Increase Public Spending...............................................................................................6
2.2.4. Introduce Small Business Support Schemes..................................................................6
2.3. Major Responses of the Bank of England and Their Implications to the UK’s Economy......7
2.3.1. Increase the Reserve-Ratio for Banks............................................................................7
2.3.2. Sustenance of Government Bonds.................................................................................7
3. Conclusion.....................................................................................................................................8
4. References.....................................................................................................................................9