Well, although not twin and earth, there is 0.5mm^2 cable:
I see this is rated at 3 amps, which is much more than is needed for LED lighting. I reckon you'd be hard-pushed to use even 1 amp for LED domestic lighting. The price is £19.00 for 100 metres. Compare that to the 0.75mm^2 equivalent which is £29.00 per 100 metres
Quite a lot of savings to be made if you were wiring up hundreds of new homes.
Unfortunately, as far as I can see 0.5mm^2 T&E is not made - or at least is not available in the UK.