Energy Prices

Debate between David Mowat and Nigel Evans

Wednesday 19th October 2011 Commons Chamber

[David Mowat]

Is it the position of the Opposition Front-Bench team that the big six should be fined 10% of turnover? That was the point made from the Opposition Back Benches.

We have also heard words such as “obscene greed”. We have to make the market more competitive, and I agree with the motion that it is right that to get new entrants coming in and to make the market more transparent. It is clearly right that we make it much easier to switch between suppliers. I hope the Government make progress on that as quickly as they can.

Eight months ago Government Members voted for a windfall tax on energy companies, including one of the big six. That proposal, which was opposed by almost all Opposition Members, has resulted in fuel prices coming down for motorists, which is part of the mix. I find it a little difficult to take that the Opposition opposed that windfall tax on people who are making more money in terms of return on capital employed than the big six, and now the Opposition say that we are being light on the industry.

[Mr Deputy Speaker (Mr Nigel Evans)]

Order. We have three remaining speakers. The winding-up speeches will start at 6.30, so speeches of just under eight minutes, including interventions, should get everybody in.