The Business Secretary Kwasi Kwarteng joined Trevor Phillips this morning amid a time of turmoil in the energy markets. Wholesale gas prices have risen by 250 per cent since January, and by as much as 70 per cent since August, when the market regulator Ofgem announced its latest price cap for consumers. With 12 energy companies already having gone bust since the start of the year, the government is facing calls within the industry to increase the price cap so that pressure can be eased on smaller firms. However, Kwarteng told Phillips that the current cap was here to stay until April of next year:
KK: The price cap is the biggest shield in terms of consumer prices, and… it will not be moved.
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