The International Energy Agency has warned that the present energy crisis, severe as it is, could become the worst in history. Given that, the chancellor of the Exchequer is right to undertake contingency planning now.
Yet as things stand with the public finances, she will find it impossible to help everyone. At this point, Ms Reeves can do no more than set out some of the principles that are guiding policy, and some relatively minor initiatives. There are too many unknowns to start setting price caps or quantifying subsidies, even if some measures can be implemented immediately.
