UK energy price cap here to stay, says business minister

The energy price cap, applied to gas and electricity tariffs for millions of UK households, will remain, Britain's business minister Kwasi Kwarteng said on Wednesday, as the sector battles soaring wholesale costs.

"The price cap is here to stay," he told a committee of lawmakers, also warning firms to first try to resolve problems themselves.

"I think they should look to their own resources, and look at their own business models and their own management because it cannot be right for companies that have entered the market recently, and now essentially in difficult times, stretching out a hand for taxpayers' money."