UK gas supply robust and talk of three-day week ‘alarmist and misguided’, says business secretary – politics live

Kwarteng says after he has finished this statement he will be speaking to the devolved administrations.

Kwarteng says the government may soon need to introduced an updated version of the “supplier of last resort” programme. (See 3.15pm.)

The SNP’s Patricia Gibson asks again about what happened to Boris Johnson’s promise that Brexit would lead to lower energy bills.

Kwarteng says he is not here to refight the 2016 Brexit campaign. The result should be accepted, in the SNP’s case with good grace, he says.

Matthew Offord (Con) asks why no one in government anticipated this.

Kwarteng does not accept that. He says government prepared for many scenarios.

This is from Giles Wilkes, a former special adviser to Vince Cable when he was business secretary.

Neale Hanvey (Alba) asks if the government will set up a state-owned energy company.

Kwarteng says government is looking at all option, but says he would prefer to rely on “market-based solutions”.

Jamie Stone (Lib Dem) asks at what level the price cap will be maintained.

Kwarteng says that is not up to him. That is for Ofgem, he says.

Bob Seely (Con) says asks to what extent the UK is suffering “collateral damage” because of Russia “weaponising” its gas supply in a bid to get the EU to accept Nord Stream 2. He says this is hybrid warfare.

Kwarteng says the UK is not “at the mercy of Russian gas”. Half of gas used here is produced domestically, he says. He says another 30% comes from Norway, and 18% from LNG (liquefied natural gas).

From the i’s Paul Waugh

Stephanie Peacock (Lab) asks if the government crisis shows that it was a mistake to close the Rough gas storage facility off Yorkshire in 2017.

Kwarteng says the UK has a diverse range of supply.