UK must prepare for longer-term high gas prices, says minister

Britain has to prepare for longer-term higher gas prices, business minister Kwasi Kwarteng said on Wednesday, as the soaring cost of wholesale supplies has a knock-on impact on the food industry.

"Price has spiked considerably," Kwarteng told a committee of lawmakers.

"You would expect normally that the price would revert to the mean. It's not something that we think is going to be sustainable but of course ... we have to prepare for longer-term high prices."