An energy price cap has now been committed to by the Conservatives…

An energy price cap has now been committed to by the Conservatives as they unveil their manifesto today.

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.” 

A dozen of the energy market’s leading ‘challenger’ brands have already backed calls by John Penrose for a relative price cap (quotes below) and the proposal has been backed by Policy Exchange:

An absolute cap on energy prices is not the way to go – here is a solution that doesn’t burn suppliers, Telegraph, article by Policy Exchange, 25th April 2017, link

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