Energy Prices

Lord Grantchester Excerpts

Wednesday 12th January 2022 Lords Chamber

[Lord Callanan (Con)]

Of course, we want to keep all these things under review but, as my noble friend is well aware, net zero is a legally binding commitment, legislated for by Parliament—and, of course, it is the duty of government to carry out the wishes of Parliament. If a future Parliament or Government wish to reconsider that, I am sure that the Government at the time would want to take full cognisance of that.

[Lord Grantchester (Lab)]

My Lords, we all wish to protect vulnerable households, and there are many support schemes targeting approximately 3 million households. The expected increase in the price cap in April is around £600 per household to a total of £1,865 a year. While the Government continue to dither, Labour has announced costed, detailed plans to reduce the size of the exposure and extend help to more households to limit increases to just £5 a year for the most vulnerable. What target do the Government have in mind to reduce the size of the exposure in the forthcoming price cap rise, to be announced on 7 February?

[Lord Callanan (Con)]

Before I answer the noble Lord’s question, I understand that this is his last outing as a member of the Opposition Front Bench. From my point of view, it has been a pleasure sitting opposite him and dealing with his questions and points. I am sure that he will have a lot to contribute to the House from the Back Benches in future, and I certainly wish him well.

Of course, the price cap is a matter for the independent regulator—Ofgem—and we will find out in a couple of weeks’ time what it will be. The Government have already announced £500 million for local authorities to support vulnerable householders across the country with essentials, including utility bills. As I said in response to earlier questions, we are looking at what else we can do.