We’ll all pay the price for reckless energy firms’ gambling

You know that mate of yours who is always boasting they pay way less for energy than you because they’re constantly surfing for the best deal on price comparison websites?

Well they are still going to have the last laugh, even though the energy company that supplied them is going bust.

That is because the energy secretary Kwasi Kwarteng promised today that he would protect consumers and keep the official cap on prices, which means that the amount your mate pays for energy will hardly go up at all. And they’ll probably end up paying what you are paying.

But as if to rub salt into your wounds, it is you – well all of us – who will end up paying more for our electricity, to keep prices your friend at the cap level, even though for years they benefited from cheap deals offered by businesses that were never run in a sustainable way.