​​​​​​​The UK economy is showing signs of stalling, as high inflation threatens a recession across the country, an industry watchdog survey has revealed.

British Deputy Prime Minister Dominic Raab says the UK government cannot allow unions to win a battle for higher pay as it would allegedly fuel a “vicious cycle” of inflation hurting the poorest.

Tens of thousands of rail staff in Britain have walked out in a dispute over pay and jobs, bringing the country to a standstill in the network's biggest strike action in more than three decades. 

The British government has admitted its inability to help people overcome the current cost-of-living crisis, saying it has to be prudent with its spending to avoid getting stuck in the inflationary spiral.

British inflation shot up faster than expected last month to hit a new 30-year high, worsening a historic squeeze on household finances.

Fuel prices have registered a record high in the UK, as the British government is set to phase out imports of Russian oil during the course of the current year.

Europe is facing a gas shortage which is driving up prices of other goods, including food, across the continent, partly due to the tensions in East Europe and fewer Russian gas deliveries to the bloc.

Housing prices in the UK in January rose at their slowest monthly pace since June last year, according to the UK-based banking company Halifax.

The BoE has doubled the interest rates in an attempt to tackle the soaring inflation in the country.

From the Wisconsin, all the way to Wuhan, inflation is ravaging economies around the world. Its latest victim, the UK, is experiencing record inflation, the highest in 10 years.