The country is spending more importing goods than it makes from its exports. Rocketing fuel costs have helped the UK rack up a trade deficit of 8.3%, the largest since the government's statistics office started keeping records in 1955.

Add to that a weakened currency — the pound has lost nearly 12% of its value against the US dollar since the start of this year — and the country can expect the costs of its imports to increase, while its exports could become more competitive on the global market.

"There's a lot more money going out than coming in," Maria Demertzis, interim director at Bruegel, an economics think tank, told CNN Business.

The UK has effectively dipped into its savings, Demertzis said, to help it absorb the shocks of the past few months. This is only a problem if it continues for much longer.

But global energy prices show little sign of cooling in the near term. Eye-watering wholesale natural gas costs have pushed up the annual energy bill for millions of UK households by 54% this year. Bills are expected to climb again in the fall to top £3,000 ($3,572), according to energy research firm Cornwall Insight.