Highlights 42% of UK adults cut back on non-essential vehicle travel 51% cutting household gas, electricity use Signs of demand destruction as BOE warns of 13% inflation More evidence of demand destruction in advanced economies emerged Aug. 5 when a closely watched survey of consumer habits by the Office of National Statistics showed that 42% of adults in the UK had cut back on non-essential travel in vehicles in response to higher costs. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The survey showed that 51% were now using less gas and electricity in response to the rising costs of living and commodities. The UK is the world’s sixth largest economy and under normal conditions consumes about 280 million barrels of oil annually in the form of transport fuels to power its fleet of almost 40 million vehicles, according to official government figures. […]