PM urged to deliver on energy price cap

LABOUR WILL step up the pressure on Theresa May over her pledge to cap energy prices as it unveils new figures claiming its own plans would save consumers more than £140 a year.

The Prime Minister’s General Election campaign promise to wipe £100 off the energy bills of 17 million consumers is among a string of policies quietly shelved in the aftermath of the Conservatives losing their parliamentary majority.

Regulator Ofgem last month announced a more modest proposal to introduce a “safeguard tariff” benefiting about two million customers.

A group of MPs, including a number of Conservative backbenchers, wrote to the Prime Minister at the weekend asking her to go further.

Shadow Business Secretary Rebecca Long-Bailey said: “Working people are suffering rip-off price hikes by the Big Six energy companies whilst at the same time many bosses continue to carry on paying themselves obscene amounts.

“That’s the Tories’ rigged economy in action and they will do nothing about it.

“The next Labour Government will take the tough action needed on the energy companies.

“We’ll impose a hard price cap on energy bills that will immediately end rip-off price increases, and we’re prepared to take on the Big Six to do it.

“Labour is standing up for the people against the elite.”

Labour will highlight figures suggesting that while consumers are encouraged to shop around for the best deal, 70 per cent of the major energy firms’ customers are on their most expensive tariff. The Competition and Markets Authority has previously found those on lower incomes are the least likely to switch.