Energy companies to be ‘hauled in’ by government over ‘unprecedented’ profits, minister says

James Cleverly says companies must explain ‘what they are going to do with these unexpected, unplanned, unprecedented profits’ to chancellor Nadhim Zahawi

Energy company bosses will be “hauled in” by the government to explain “unprecedented” profits at a time when consumers face a devastating increase in bills, a minister has said.

Chancellor Nadhim Zahawi and Kwasi Kwarteng, the business secretary, are expected to hold talks with the sector on Thursday amid mounting calls for government action.

James Cleverly, the education secretary, said on Sky News the two cabinet minister will discuss with energy firms “what they are going to do with these unexpected, unplanned, unprecedented profits that they have been making because of that sudden spike in energy prices”.