The energy price cap Bill is an incredibly rare political unicorn

To those who say that politicians never deliver on their election promises, we can collectively send a blaring foghorn reply of “You’re wrong.” The energy price cap Bill is an incredibly rare political unicorn: a pledge that not only has cross-party support, but is being fulfilled.

However, price caps are dangerous things. They are fiendishly difficult to get right: they drive suppliers away if the price is set too low, and they gouge customers if the price is set too high. So how do we design a cap that does not make things worse rather than better?

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