The business secretary has vowed to keep energy prices capped this winter despite soaring wholesale prices to shield millions of consumers from price hikes this Christmas.

Kwasi Kwarteng said keeping the cap in place is “non-negotiable” and did not set out any additional support for struggling businesses after some company bosses and some Tory MPs called for help to prevent industries grinding to a halt.

Please use Chrome browser for a more accessible video player

Mr Kwarteng sought to reassure the public of “the safety net that we have in place to shield consumers from instant price hikes this Christmas, and ensure everyone gets the supply they need”.

“Despite some pushing me to lift the cap, I am absolutely clear it is here to stay and will remain at the same level throughout winter,” he wrote in the Sunday Express.

“Keeping this protection in place is non-negotiable for me.”

Please use Chrome browser for a more accessible video player

Some energy firms have said the cap is not “fit for purpose” and called for reforms and emergency support to prevent collapses, which will also burden costs on the taxpayer.

Proposing reforms including inspecting the cap four times a year, Utilita Energy’s non-executive chairman Derek Lickorish said: “The cap is not fit for purpose.

Struggling Britain: How cost of living ‘nightmare’ is pushing three families to the brink

Gas price crisis: Is Putin using energy supply as a weapon and what is its new Nord Stream 2 pipeline?

Heavy industry leaders call for ‘urgent action’ as electricity supply set to be tighter than last year

“There is no doubt that there is going to be a huge cost paid by customers for failed suppliers… certainly well over £100 million for every 200,000 customers that fail.

“The government has to look at means by which they can support not only energy suppliers but also big industry.”

Subscribe to ClimateCast on Spotify, Apple Podcasts, or Spreaker

Mr Kwarteng met representatives of energy intensive industries on Friday to discuss the crisis affecting wholesale gas, which has rocketed in price by 250% since the start of the year.

It follows claims that Russia, which supplies much of Europe, is contributing to the volatility of the market by limiting stocks.

Businessman and Kremlin critic Bill Browder told Sky News: “I think that there are economic factors that have played into the rise of prices of gas and may other commodities, but Vladimir Putin never lets a good crisis go to waste.

“He will surely be involved in trying to exploit this for his own geo-political advantage.”

Business Secretary Kwasi Kwarteng will be speaking to Trevor Phillips on Sky News from 8.30am this morning.

Watch the Daily Climate Show at 6.30pm Monday to Friday on Sky News, the Sky News website and app, on YouTube and Twitter. The show investigates how global warming is changing our landscape and highlights solutions to the crisis.

Related posts:

Broadband giant CityFibre to sell stake to new investor Law firms offer fertility benefits to UK staff for the first time Serco sees profit boosted by more demand for Test and Trace services Emirates plunges into red for the first time in three decades with £4.3bn annual loss Spyware firm NSO’s owner close to resolving fate after bust-up Signs that inflation rise is temporary – but could it prove sticky? John Lewis and Waitrose owner to cut 1,000 jobs in store management shake-up Britain’s biggest dairy supplier warns inflation has become key issue British Gas owner cites ‘unprecedented’ price environment as it puts back investor event Ordnance Survey lacks direction after chief executive quits Why The Hut Group looks set to remain in the doghouse with some investors Economic growth slows, greener airlines and China’s ‘Singles Day’