Chancellor Ofgem’s top executive comments are being covered.

Jonathan Brearley told the Business, Energy and Industrial Strategy Committee that he believes the price of energy will climb to “about £2,800.”

Labor’s shadow chancellor Rachel Reeves reacted to the news by saying it was “very worrying” and “will cause tremendous stress for people already suffering increasing prices and rising inflation.”

“How many more alarm bells does the chancellor need to hear before he acts?” she said, urging Rishi Sunak to act.

“The government have got to get a grip on this crisis and to protect families and our economy.

“Yet again, Labor calls urgently on the government to bring forward an emergency budget, with a windfall tax on oil and gas producer profits to lower bills for families.”