We are all a little wiser about how the gas and electricity markets work now than we were 12 months ago. Fortunately the government has been helping businesses and households weather the storm of incredibly high energy bills, but it is costing the taxpayer, just on the business support alone, a forecast £18.4 billion in six months!

Despite wholesale prices now at a level that is lower than the level they were when Russia invaded Ukraine, they are still 3-4 times higher than the long term average, and because of the way energy companies hedge, it will take some time to see prices come down in real terms.

So whilst this gives businesses some confirmation of the support for the remainder of 2023, it won't remove the huge impact the energy crisis has had on businesses or, ultimately, consumers and UK inflation.