Rolling coverage of the latest economic and financial news
- Sunak: I believe in a market economy
- Steel industry calls for state support to avoid ‘full blown crisis
- Sunak: ‘good amount’ of Christmas gifts available despite supply chain crisis
- Jim Ratcliffe: Industry ‘could shut down’ in winter cold snap as gas prices soar
Chancellor Rishi Sunak has dampened hopes that the government could help businesses with soaring gas prices, saying “it’s not the government’s job” to manage the costs of individual products.
Asked if he would accept some companies going out of business, Sunak said he “believes in a market economy”, and that he must make sure taxpayers’ money was protected.
We’re prepared to work with business and support them as required. It wouldn’t be appropriate for me to comment on the particular situation of any individual company.
But in general I believe in a market economy, as it’s served us very well in this country. It’s not the government’s job to come in and start managing the price of every individual product.
We are alive to some of these challenges, and we’ve stepped in to provide support to those families who need it.
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