Energy: Prices Debate

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Lord Tomlinson

Main Page: Lord Tomlinson (Labour - Life peer)
Monday 25th February 2013

(11 years, 8 months ago)

Lords Chamber
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Baroness Verma Portrait Baroness Verma
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My Lords, it is an interesting option, which I think I will take back to the department. Through the Energy Bill and through the ECO the Government are reaching out to the most vulnerable families and tackling as early as possible the issue of those who need support. We are doing that and helping 2 million households at the current time.

Lord Tomlinson Portrait Lord Tomlinson
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My Lords, does the Minister accept that part of the reason for the increase in energy prices is the devaluation of sterling? Our failure to keep our AAA rating is bound to have a continuing effect on the devaluation of sterling and therefore feed though into increases in the price of imported fuels, particularly those based on petroleum, which are all designated in American dollars.

Baroness Verma Portrait Baroness Verma
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My Lords, the noble Lord will be pleased to know that today the oil and gas industry report sets out some very positive figures, showing that investment is increasing in the UK and that we are able to provide security and supply of energy in our own country. Of course, we are going through a difficult time, but that should come as no surprise to the party opposite because they were the instigators of it.