A Floating Production Storage & Offloading vessel bound for the North Sea (Image: AP/Robin Mayes/HO)

Australia isn't the only country to have mismanaged energy policy in recent years -- the United Kingdom faces its grimmest economic circumstances in decades, partly due to inaction to address its over-reliance on gas, now exposed by the global spike in energy prices.

The Bank of England's announcement overnight of a 0.5% lift in interest rates was accompanied by the forecast of a long recession and a warning that consumer price inflation in Britain could top 13% in two months' time. That would mean the nastiest fall in living standards for a generation or more.

The forecasts suggest Britain is now facing a much bleaker economic outlook than either the United States, Europe, Canada, NZ or Australia.