The business secretary has refused to say when a price cap on energy bills will come into effect, despite insisting that such an intervention is needed because other measures would take too long. Appearing before the business select committee, Greg Clark declined to promise that the cap on all standard energy tariffs would be introduced in time to protect consumers through winter next year. “I can’t give a guarantee to the committee when I don’t have a legislative slot,” Mr Clark said, adding that this would be allocated only after the conclusion of pre-legislative scrutiny by the MPs. “The sooner we can proceed, the better,” he said. The business secretary was accused of being lazy after admitting that he had never switched his own energy supplier and he was forced to deny that the government was capping prices to help people like him who found it a hassle to shop around.
Times 2nd Nov 2017 read more »
The market value of the parent company behind British Gas has plummeted to lows not seen since the spring of 2003 as Government threatens to “eradicate” £1.4bn from the retail energy market. Greg Clark, the energy minister, tightened the screws on the looming energy price cap by telling a cross-party group of MPs that he expects the £1.4bn of alleged “overcharging” to be eradicated once the cap is in place. But he could not guarantee that the cap will take effect in time for next winter. The owner of British Gas, Centrica, has steadily lost market value amid the ongoing political furore over bills which first erupted in 2013, and could face another eighteen months of uncertainty while ministers work to legislate a cap on bills.
Telegraph 1st Nov 2017 read more »