UK Chancellor Attributes Energy Price Hike to Chinese Demand and Long Colder Winter

The UK's Chancellor of the Exchequer Rishi Sunak speaking at a press conference in Downing Street, London, on Feb. 3, 2022. Justin Tallis/PA Media

The increasing demand in China and a “long cold winter” across Eurasia are among the factors that caused the energy price hike in the UK, the British finance minister said on Thursday.

Chancellor of the Exchequer Rishi Sunak said “the steep rise in demand for gas in places such as China” has pushed up global prices, and the cold winter across Europe and Asia meant gas storage is now “lower than usual.”