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UK cost of living squeeze looms as Bank of England meets – business live

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The Government is preparing for the “worst-case scenario” of gas costs remaining high beyond just a “short spike”, according to a minister today. Business minister Paul Scully told Sky News there was “pressure” on the energy price cap due to high global wholesale gas costs. Asked what the worst-case scenario was for a cap rise, Mr Scully said: “This is all part of the conversations that Ofgem will set that cap at, because supply prices are based on a number of factors.

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