The thing British people call "bacon" isn't the same as what Americans call "bacon." Their bacon is from the back cut of the pig and corresponds to what we call "Canadian bacon." Our beloved bacon, made from pork belly, is known in the United Kingdom as "streaky bacon." In Canada, interestingly, "bacon" means the exact same thing as in the United States, and they use the term "back bacon" to refer to what we call "Canadian bacon" and English people just call "bacon."
While no one can seem to agree what to call it, high corn prices this year due to drought in the Midwest will result in more expensive bacon, which we should all know is not called a shortage unless you're a pork trade group in Britain issuing a press release to scare the Internet.