(Bloomberg) -- The U.K. won’t bail out failed companies, and the government expects to see some businesses go bankrupt in the coming weeks, Business Secretary Kwasi Kwarteng warned, as gas prices marked new records.Most Read from BloombergThe Global Housing Market Is Broken, and It’s Dividing Entire CountriesMerkel’s Legacy Comes to Life on Berlin’s ‘Arab Street’Is There Room for E-Scooters in New York City?Amazon, Microsoft Swoop In on $24 Billion India Farm-Data TrovePalm Oil Giant’s Industry-
Centrica's British Gas has been appointed to take on the nearly 350,000 customers of small supplier People's Energy which ceased trading last week. Four small British energy suppliers have collapsed over the past month amid soaring wholesale energy prices with speculation more could follow. Customers' energy supply will continue as normal and they will be switched to British Gas from Sept. 19, Britain's energy regulator Ofgem said.
Smaller firms are facing backlash from customers, having made price promises which will be impossible to keep in the current climate.