Energy Strategy Could Take Five Years To Cut Bills, Kwarteng Admits

Boris Johnson's new energy strategy could take up to five years to start reducing people's bills, the business secretary admitted yesterday, as the prime minister announced a dramatic expansion of nuclear energy.

- Aubrey Allegretti

Kwasi Kwarteng said the plan for cutting reliance on imported gas and oil in the wake of spiralling prices caused in part by Russia's invasion of Ukraine was more of a medium-term strategy to increase homegrown energy production.

Johnson said the long-delayed energy security strategy meant “nuclear is coming home - but it did not set targets for onshore wind and committed to continuing the exploitation of North Sea oil and gas.

Days after 22 million people were hit by the energy price cap rising by 54%, Kwarteng suggested it would be years until the benefits of the strategy would be felt by consumers. “The strategy is more of a medium-term three-, four-, five-year answer, the business secretary told Sky News.