Energy Price Freeze

Debate between Jim Hood and Lord Barker of Battle

Wednesday 6th November 2013 Commons Chamber

[Gregory Barker]

The political risk and regulatory uncertainty that the Labour party is introducing into the energy sector is already raising the cost of capital. God forbid it was to form a Government—that would be a hammer blow to investment in the energy sector, a hammer blow to jobs and a hammer blow to consumer prices. It would spell long-term decline for the energy sector.

Labour’s lurch back to the 1970s would entrench the big six. Our vision for the UK energy market is one of fierce competition, dynamic new entrants and a far more decentralised, innovation-rich economy. Thanks to exciting new technologies, commercial, industrial, public sector, community and home generation are taking off all over the country. Although I disagree with many of the points made by the hon. Member for Brighton, Pavilion, I share her enthusiasm for community energy, which is really growing legs under this Government.

[Mr Hood]

The Secretary of State has 7,727 constituents who are over 75. The Minister has 14,080 constituents who are over 75. Can he tell us how many of them have switched?

[Gregory Barker]

No, I cannot off the top of my head. Can the hon. Gentleman name a single independent generator that supports Labour’s big freeze? Perhaps he will write to me with that information. I will write to him with the information that he has requested.

I pay tribute to my hon. Friend the Member for Wealden, who made a heavy hitting and thoughtful speech. He pointed out that Labour’s plans are already undermining investment, forcing up costs and increasing the political risks. He has estimated that the cost of Labour’s price freeze to consumers’ bills will be £1 billion.