A Nottinghamshire MP has warned the UK could be heading for the "most difficult economic year of my lifetime".
It comes as the UK has imposed sanctions on Russia, meaning oil supplies from the country are being phased out, after it and Belarus invaded Ukraine.
The war in Ukraine could add another £1,259 onto household bills in the UK this year, according to experts from the Centre for Economics and Business research.
READ MORE: Get the latest cost-of-living coverage from Nottinghamshire Live
Speaking on the BBC's Newsnight, Conservative MP for Newark and former housing minister Robert Jenrick, 40, refused to rule out the possibility of a recession because of cutting ties to Russia, the cost-of-living crisis and energy bills rising.
He said the next financial year "is going to be very difficult".
Mr Jenrick said: "We could be looking at an energy crisis unrivalled since the 1970s, and the forecast we've seen suggests household incomes could fall by a larger percentage this year than at any time since records began since 1955.
"It looks as if this is going to be the most difficult economic year that we've seen in my lifetime."
When asked by host Kirsty Wark if this could mean a recession, Mr Jenrick replied: "It could be.
"If you see the kind of inflation that's being predicted, potentially peaking at 8 to 10 per cent, and you're seeing this pressure on energy bills, not just for households but also for energy-intensive industries and businesses, it's going to be very difficult.
"It also means I think we need a more pragmatic energy policy where we balance all of our concerns which personally I'm very committed to, but also people's household incomes and energy security in a far more nuanced way we've seen in recent years."
Mr Jenrick was asked if the energy crisis would mean a "delay" to the UK's target of being net-zero by 2050, which refers to the balance of greenhouse gases produced versus the amount removed from the atmosphere.
He said he always has been, and remains, a fan of fracking, a controversial method of extracting gas from a rock by drilling down into the earth and directing a high-pressure water mixture at it.
Mr Jenrick said: "I'm not sure if a delay is the right way of phrasing it, but you've now got to clearly wake up and balance net-zero with other competing demands, such as energy security and the pounds in the pockets of people in this country.
"That to me means, of course, going hell for leather for renewables which is ultimately the way out and guaranteeing our security, but also maximising recovery of oil and gas in the North Sea.
"I personally always was a supporter of fracking, I don't think it's a quick fix, but I think we should be revisiting that.
"There's no quick fix to any of these things, and government has to level with the public that if we're going down this route, and we do stand up to Vladimir Putin, this is the most difficult year, I think, for household incomes in my lifetime."
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