A Conservative former minister warned Jacob Rees-Mogg that future Labour governments may use planned sweeping powers in the Energy Prices Bill to renationalise “anything they like”.
Weston-super-Mare MP John Penrose expressed his “grave disquiet” with Henry VIII powers in the Bill, telling the Commons: “It isn’t just me, it is many people out in the industry as well who are very concerned.”
Mr Penrose said several clauses in the Bill would allow Mr Rees-Mogg to “reach in past Ofgem on pretty much anything he likes for pretty much as long as he likes” as long as the “emergency is continuing”.
In a warning to Mr Rees-Mogg, who is known for his libertarian views, Mr Penrose added: “That means two things, firstly it means that nobody is going to be willing to invest in our energy industry if there is a continuing risk that the rules of the game and the goalposts of this industry are likely to be moved on political whim.
“Secondly, it means I am struggling to think of a measure which will be more welcomed by socialists on the other side of this House because it gives them a carte blanche opportunity without having to do anything in Parliament to renationalise anything they like over the course of any future Parliament, unless we trim these powers very substantially and put a very significant sunset clause on them.”