Damien Jordan

Just quickly before we get into the episode, at the minute we're really trying to understand how people in the UK are saving for their futures.

We hope that we can turn it into something really useful, maybe a rapport or a video on my channel.

We'd love your input, it would take about five minutes, it's completely anonymous and if you're up for it you can find a link in the description.

The UK has some of the most expensive household electricity in the world.

When the gas price is high, that gives us an expensive system.

Any way we slice it, we're at the top end of the bell curve distribution, right?

At the moment, we are.

The price you pay for energy is shaped by rules set by Ofgem, the UK's energy regulator.

Neil Kenwood is one of their directors.

If there's 10 units of energy and nine of them cost £1, but the gas costs 10, we pay 10 for every unit.

Are you saying by 2050 that people's energy bills won't have declined?

They'll still be this price?

I would just like to start, if we can, by you explaining what Ofgem do.

How does Ofgem think it's done in the last few years?

I think...

It was quite recent history, wasn't it, the amount of businesses that went bust?

I think, have we got it here, 65, is it, companies since 2021 that went bust?

The former CEO said, I've got it here, one second, we weren't looking hard enough at the finances of the suppliers.

Was that just not something that you did as an organisation prior to that then?

Was it basically that no one saw that Putin might invade Ukraine?