This article was originally published on 12 September 2022. On 1 October 2022, the new Ofgem energy price cap came into effect. This article has been republished in light of the latest news.
In October 2008, a financial analyst at JP Morgan wrote a piece in the New Statesman titled: “And still the Chancellor borrows”. In it, he bemoaned the “madness” of an increasingly unpopular party trying to keep itself in government by kicking aside “fiscal responsibility” by dramatically increasing government borrowing, only to hand it to an amoral industry. “We are happy to believe in markets in the good times. When times are bad, we run to the state,” he wrote.
Subscribe to The New Statesman today from only £8.99 per month
Content from our partners
