According to CoinMeta, extreme heat is hitting the UK economy, with losses amounting to approximately 6 billion pounds. Economists are concerned that persistent high temperatures and scarce rainfall will drag down economic activity, as about two-thirds of England has currently entered a state of drought. The new Prime Minister, Andy Burnham, convened an emergency meeting to discuss measures to address the drought and wildfires. Analysis shows that the losses caused by the heat are equivalent to 0.2% of economic output. Institutional economists point out that the hot summer has brought a negative supply shock to the UK economy. Although the impact on GDP levels may be temporary, the high temperatures could once again drive up prices in certain industries, presenting new challenges for the Bank of England in its efforts to combat high inflation.