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The panic has set in around the cabinet table about this energy crisis, and fears of history repeating itself. Tim Shipman writes in the magazine about the comparisons being made to 1973 and the Opec oil shock, with the government preparing for oil prices to reach £150 a barrel. What levers are available to the government to ease the economic fallout and 1970s-style inflation? And why is it that the UK is so uniquely impacted by this crisis?

Oscar Edmondson speaks to Tim Shipman and Michael Simmons.

Produced by Oscar Edmondson.

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