Households and businesses will have to wait for energy bills to fall significantly because 'there's no shortcut" to bringing down prices, the energy minister has told Sky News.

Speaking as Chancellor Rachel Reeves considers ways of easing the pressure on households in next week's budget , energy minister Michael Shanks conceded that Labour's election pledge to cut bills by £300 by converting the UK to clean power has not been delivered.

The UK has the second-highest domestic and the highest industrial electricity prices among developed nations, despite renewable sources providing more than 50% of UK electricity last year.

"The truth is, we do have to build that infrastructure in order to remove the volatility of fossil fuels from people's bills," Mr Shanks said.

"We obviously h

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