Running dry

The world has a bigger problem than the US current-account deficit and the rising price of oil. We appear to be running out of water. how did this happen and what can investors do about it? - at Moneyweek.co.uk - the best of the week's international fin

The world has a bigger problem than the US current-account deficit and the rising price of oil. We appear to be running out of water. How did this happen and what can investors do about it? asks Annunziata Rees-Mogg.

If you thought a shortage of oil was the biggest resource problem facing the world, think again. We have a much bigger problem: a global water shortage.All over the world, countries and communities are suffering from severe droughts. Look out of the window in the UK and you might think it looks pretty wet, but it's just an illusion. In fact, a combination of long dry spells, followed by torrential rain, which runs off the land rather than refilling reservoirs, has meant that this summer is going to be the driest Britain's 'green and pleasant land' has seen since the record-breaking summer of 1976. This means more than hosepipe bans ­ our bills are going up too but we are still an awful lot better off than many other nations.

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Annunziata Rees-Mogg

Annunziata was a deputy editor at MoneyWeek, covering financial markets, politics, economics and comment pieces. She then went on to the Daily Telegraph as a lead writer where she wrote a column on young women’s financial issues. She was briefly a member of the European Parliament for the East Midlands region in the UK as part of the Conservative Party.  Annunziata continues to write  as a freelance journalist.