LONDON (Reuters – Britain’s business minister Kwasi Kwarteng stated on Sunday that Britain is looking into how to assist energy-intensive businesses hit by soaring prices. While he called the situation critical, he declined to give details about what is being done.

Steel, glass, ceramics, paper, and others have indicated that they might be forced to stop production if the government doesn’t do something about rising energy prices.

Kwarteng stated that it was a very critical time, and that there were no plans to close any factories.

He also spoke out with Sky News in a separate interview. “We have very, very high gasoline prices and very high electricity prices. We already provide support for the industries. And we are looking into ways we can help them.”

He said he had been working on this matter with Rishi Sunak, finance minister.

He was asked by Times Radio if there would be an energy price ceiling for industrial consumers like it is for consumers.

We are not in the bailout business. “What we’re in the business is is to ensure supply security and that’s where I am focused.”

Due to the strong demand from Asia and low stock levels, wholesale gas prices in Europe have risen 400%.