Liz Truss’s greatest fiscal sin was her Energy Price Guarantee. True, markets didn’t like her tax cuts unmatched by spending cuts, and a Budget which froze out the Office for Budget Responsibility. But they hated an open-ended commitment to subsidise energy prices, which the government estimated would cost £25 billion in the first six months alone.

The Labour party has become a misnomer. It is now firmly the benefits party

The Labour party has become a misnomer. It is now firmly the benefits party

But trust Ed Miliband to come up with a scheme which is even worse. The Energy Security and Net Zero Secretary has rightly rejected a revival of the Energy Price Guarantee on the grounds of cost – and is looking instead to bail out poorer households by forgiving the debts they owe to energy companies. He is considering expanding a scheme which would write off the debts of 195,000........

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