Sunday, October 1, 2023
News Media Empire
  • About Us
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • Home
  • World News
  • Politics
  • Business & Economy
  • Money
  • Science & Tech
  • Opinion
  • Lifestyle
  • Health
  • Sports
  • Entertainment
  • Crypto
No Result
View All Result
  • Home
  • World News
  • Politics
  • Business & Economy
  • Money
  • Science & Tech
  • Opinion
  • Lifestyle
  • Health
  • Sports
  • Entertainment
  • Crypto
No Result
View All Result
News Media Empire
No Result
View All Result
Home Politics

Energy firms WILL go bust but theres ‘no cause for panic’, Tory minister declares

September 20, 2021
in Politics
0
Energy firms WILL go bust but theres 'no cause for panic', Tory minister declares
0
SHARES
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


Business Secretary Kwasi Kwarteng sought to downplay alarm over the gas shortages, saying there will be ‘no question of the lights going out’ this winter

(

Image: Getty Images)

Failing energy companies will not be bailed out by the Government if soaring gas prices push them to the brink, the Business Secretary has said.

Kwasi Kwarteng said it was not “unusual” for smaller firms to go bust, particularly when wholesale gas prices were rising, and said there was no cause for “alarm or panic”.

In a statement to MPs, Mr Kwarteng insisted there will be “no question of the lights going out” this winter – and branded warnings about the gas crisis as “alarmist”.

The Business Secretary’s comments came after three days of crisis talks with the sector over gas shortages – with prices surging by 70% since August.

He told MPs: “The Government will not be bailing out failed companies. There will be no rewards for failure or mismanagement.

“The taxpayer should not be expected to prop up companies that have flawed business models.”




He said the sector has seen “regular entry and exit” over the last five to 10 years, adding: “The current global situation may see more suppliers than usual exiting the market but this is not something that should be any cause for alarm or panic.”

Consumers will be protected from sudden hikes to their bills as the energy price cap will remain in place, Mr Kwarteng said.

“The energy price cap, which saves 15 million households up to £100 a year, is staying. It’s not going anywhere.

“Our priority in this situation has to be the consumer, the Great British public, and the cap has done that effectively. It protects and has protected millions of customers from sudden increases in global prices this winter.

“We’re committed to that price cap and it’ll remain in place.”

His commitment to comes after No10 sparked confusion by failing to explicitly rule out ditching the cap.

Mr Kwarteng also sought to dispel growing fears over the threat of an energy crisis this winter – and insisted the lights would remain on.

He said: “We have sufficient capacity, and more than sufficient capacity, to meet demand and we do not expect supply emergencies to occur this winter.

“There is absolutely no question of the lights going out or people being unable to heat their homes.

“There will be no three-day working weeks or a throwback to the 1970s.

“Such thinking is alarmist, unhelpful and completely misguided.”


Read More

7 crisis issues erupting in the UK as Boris Johnson flies to the White House




Read More

Gas shortage: Fears over energy bills as No10 fails to rule out scrapping price cap







Source link

Get Free Advertise Coin
Tags: Conservative PartyEnergyPolitics
Previous Post

Younger medical scheme members still wary of the jab, Afrocentric data shows | Fin24

Next Post

Last ditch call for pensioners to keep £880 a year pension pay rise next April

Related Posts

Sadiq Khan warns against scrapping app that helps homeless people off streets
Politics

Sadiq Khan warns against scrapping app that helps homeless people off streets

October 1, 2023
Rishi Sunak's warm-up man Johnny Mercer pocketed £13,500 for being sacked twice
Politics

Rishi Sunak's warm-up man Johnny Mercer pocketed £13,500 for being sacked twice

October 1, 2023
Rishi Sunak torpedoes Defence Secretary's plan to send British troops to Ukraine
Politics

Rishi Sunak torpedoes Defence Secretary's plan to send British troops to Ukraine

October 1, 2023
Next Post
Last ditch call for pensioners to keep £880 a year pension pay rise next April

Last ditch call for pensioners to keep £880 a year pension pay rise next April

A ten pound note over a gas ring

You might have to pay more for your energy bills in future

Quebec reports 679 new COVID-19 cases, 1 new death  | Globalnews.ca

Quebec reports 679 new COVID-19 cases, 1 new death | Globalnews.ca

Discussion about this post

AdvertiseCoin ADCO Get Now Free
News Media Empire

Newsmediaempire is an online news source that provides the latest news and other information about everything that you must need to know. It publishes news related to various fields like world, business, sports, politics, tech, health, lifestyle, and other different exclusive stories.

Let's connect!

Categories

  • Business & Economy
  • Crypto
  • Entertainment
  • Health
  • Lifestyle
  • Money
  • Opinion
  • Politics
  • Science & Tech
  • Sports
  • World News

Recent News

  • Exact date £300 cost of living payments will reach bank accounts from DWP October 1, 2023
  • Gemini Eyes Revised Proposal in Latest Update in Feud With DCG October 1, 2023
  • Bride 'can't speak' and groom is 'dead inside' after Iraq wedding fire kills family October 1, 2023

Join Our Newsletter!

    • About Us
    • Contact
    • Privacy Policy
    • Terms & Conditions

    newsmediaempire.com © 2021 All rights reserved.

    No Result
    View All Result
    • About Us
    • Contact
    • Home 1
    • Home 2
    • Home 3
    • Privacy Policy
    • Random
    • Sample Page
    • Terms & Conditions

    newsmediaempire.com © 2021 All rights reserved.

    en English
    ar Arabicbg Bulgarianzh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.