Hospitality Industry

Earl of Clancarty Excerpts

Tuesday 24th January 2023 Lords Chamber

[Lord Callanan (Con)]

My noble friend makes an important point. The sector estimates that the railway strikes have cost it over £1 billion in lost revenue during the strike period, so they do have a significant impact.

[The Earl of Clancarty (CB)]

My Lords, it is a mystery to most people why, if oil and gas prices are coming down, energy bills are still high. For hospitality and arts venues, these bills have increased massively in the last year. Is the Minister aware that, according to the Night Time Industries Association, for most of 2022 one venue closed every two days? The Government should, and can, do much more to help, particularly considering that some energy companies are making huge profits.

[Lord Callanan (Con)]

That depends on what the noble Earl defines as an energy company. Many of the energy retailers are making very little money—in fact, they are losing money. Nevertheless, the noble Earl makes an important point. We want to make sure that there is no price gouging going on. We are in regular contact with Ofgem officials, and I have met with them. One of my ministerial colleagues has met with the energy supply companies to make sure that they are also doing all they can to support these vulnerable businesses.