Energy import cost doubles to £117bn as price cap sends borrowing to record high

Energy price guarantee pushes government borrowing to £16.7bn in February – highest since records began

Britain’s energy import bill has more than doubled to £4,200 per household, new figures show, as soaring gas and electricity costs also push government borrowing to a record high.

Annual UK fuel and power imports rose to £117bn in 2022 – up from £54bn the year before – driven by Russia’s war in Ukraine, inflation, and higher worldwide demand post-Covid.

Offshore Energies UK (OEUK) said the sum was a record, even though Britain has been an “importer of energy since 2004” and reliant on other countries to “meet its energy needs”.