Today's inflation figures are a reminder that energy remains one of the biggest pressures on household finances and the wider economy.

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Britain’s energy bills and inflation can fall if we fix the system behind them

Millions of households continue to feel the impact of high energy costs, and the UK remains exposed to global gas market shocks that have repeatedly driven up bills and continue to fuel inflation.

Britain now produces more renewable electricity than ever before, yet households still pay substantial energy prices heavily influenced by international gas markets. As a result, families remain exposed to events thousands of miles away, even when much of their electricity is generated by cheaper homegrown renewable power.

This is not simply an energy policy issue. It is an economic issue. When gas prices rise, household energy bills increase. Businesses face higher operating costs. Inflationary pressures spread across the wider economy. We have seen this repeatedly over recent years, with international events driving sharp increases in UK energy costs and forcing governments to intervene with costly support measures.

The frustrating reality is that this exposure is increasingly unnecessary. Despite the growth of lower-cost renewable generation, gas........

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