Welcoming today’s announcement by the Prime Minister, Mr John Penrose said:
“The Prime Minister really gets it. Millions of people have been ripped off for decades and we’re going to stop it.
“Most businesses believe customer loyalty is vital. But the Big 6 energy firms charge their longest-standing customers higher prices so loyalty is exploited, not rewarded.
“We need to make the energy market more competitive, so the customer is king and big business fat cats can’t take us for granted.
“The only way to do this – without distorting the market – is by imposing a temporary relative price cap to protect all customers who forget to switch at the end of their contracts.
“It would limit the maximum mark-up the big 6 could impose so competition would be red-hot and the rip-offs would stop.”