Conservative Party Promises Energy Price Cap On Default Tariffs

Britain’s PM May vows to put an end to “rip-off” energy bills

He said: "They can get the future prices wrong and the cap wrong - prices can fall and people can be left stranded on higher energy bills and pay a lot more".

"But the real problem with this, as with Ed Miliband's proposal for a energy freeze in the 2015 General Election, is that the energy system remains in the hands of the corporations and therefore is operated in their interest, not for people or for sustainability".

Apart from British Gas, five of Britain's "Big Six" energy providers have all hiked prices over the past four months and all said increases in wholesale energy costs and rises in the cost of delivering Government policies, such as smart metering, renewables obligation and the capacity market, had an impact on their decision.

It's a striking departure for a Conservative Party that branded Ed Miliband's attempt to intervene in the energy markets in 2013 a "dangerous idea".

Competition and Markets Authority have also warned that a cap on energy tariffs would lead to "excessive risks of undermining the competitive process, likely resulting in worse outcomes for customers in the long run". Announcing the policy to coincide with Europe Day, leader Paul Nuttall says the starred flag should be treated "as a form of corporate advertising".

"Ed Miliband didn't suggest a cap on energy prices". First of all, we are Conservatives.

"Instead of bringing in a price cap, the Government should spend some money raising awareness of switching and leave the mechanics of an increasingly vibrant and competitive market well alone".

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Mr Clark said that the Competition and Markets Authority had found that the market was not sufficient competitive.

Reaction to the policy has been mixed - with the trade association for the industry, Energy UK, warning such intervention could affect competition in the marketplace and undermine "positive changes" being made to improve choice and customer service.

"Further intervention risks undermining so numerous positive changes we are seeing in the market which are delivering benefits for consumers".

"However the solution is not to distort the market as a whole but see through the market reforms, allow competition to drive innovation and benefits for customers, while ensuring that there is targeted support for those most in need". The big six will find other cost savings, like in infrastructure investment, to maintain profit rates.

May, whose ruling Conservative Party is around 20 points ahead of the opposition Labour Party in opinion polls, said she expected the move to save families on poor value tariffs as much as 100 pounds a year. With the Conservatives nearly certain to win a majority, it's highly likely the pledge will be carried out. "Well, I can take a consumer onto a price competition website today and I could save them much, much more than that", he said.

"It is part of my determination to stand up for Sun readers and build a country that works for everyone, not just the privileged few".

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