Ministers are considering bailouts for struggling companies as a result of the energy crisis.


Ministers are considering bailouts for struggling companies as a result of the energy crisis.

Ministers may bail out struggling energy companies beset by sharply rising wholesale gas costs.

The nation is hearing more and more dire predictions about the impact of the energy crisis on household expenses and food supplies.

Senior industry executives are meeting with Business Secretary Kwasi Kwarteng for a third day of crisis talks, as rising energy prices threaten to disrupt other businesses.

Locals have named a 23-year-old man who died after being hit by a car.

The dramatic rise in wholesale gas prices has been attributed to a number of factors, including a severe winter that reduced energy stockpiles, high demand from Asia, and a drop in Russian supplies.

As fears grow that small suppliers will go bankrupt, the government is allegedly considering issuing emergency state-backed loans to businesses.

Some businesses may not make it before Christmas, while others may refuse to take on consumers from failed businesses.

Food inventories in the run-up to the holiday season could be harmed by the problem, which could result in a lack of carbon dioxide, which is needed to freeze food.

Due to rising gas prices, two fertiliser facilities in Teesside and Cheshire that produce CO2 as a by-product have been forced to close.

Due to CO2 shortages, industry leaders have warned that British beef might be gone from shop shelves in two weeks.

Foreign Office Minister James Cleverly stated that the increase in wholesale gas costs was due to the pandemic’s end, and that it had nothing to do with Brexit.

He didn’t rule out the possibility of the government stepping in to help failing businesses, saying that they were “considering a number of solutions.”

He told Sky News that the Business Secretary had held “extremely constructive” conversations with industry players.

When asked if energy companies could be bailed out, Mr Cleverly said, “I’m not going to speculate as to exactly how we address this, but we’ve moved quickly and the Business Secretary of State’s already had a series of meetings about this both last week and over the weekend, and we’ve got a very clear idea of what our priorities need to be in terms of protecting consumers and protecting the security of the financial system.”

When I asked if he was, he said yes. “The summary has come to an end.”


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