One of the first things Liz Truss did upon assuming office as prime minister of the United Kingdom was spend an estimated £130 billion on capping energy prices that already stood at unprecedentedly high levels. In September this year, we were heading towards a price cap of £3,457 before the winter had even started, with estimates going up to £5,000 or so in the new year. This represented a cost of living crisis that had no obvious parallel in modern British history. At the time of writing, we’ve been promised a cap of £2,500 for two years. Whether or not this political arrangement has lasted until ...


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