Kerry McCarthy
Main Page: Kerry McCarthy (Labour - Bristol East)
Mr Davey
I disagree with the hon. Gentleman’s analysis of the impact of the nuclear deal, and actually he is disagreeing with his own Front-Bench team, who welcomed the deal. We have said in the Energy Bill and I have said at the Dispatch Box that we will be transparent. When the final investment contract is signed, which we expect to happen halfway through next year, it will be published, making it the most open and transparent nuclear deal done by any Government in history, not just in this country but across the world. He ought to welcome that.
Kerry McCarthy (Bristol East) (Lab)
My constituents will take two things away from today’s statement. One is that they will still be paying much more for their fuel this winter, and the other is that the big six energy companies, despite a 75% rise in profits last year, will still be making more money. Why does the Secretary of State expect my constituents to share the pain, but the energy companies not to share the gain?
Mr Davey
I am afraid that the hon. Lady is mixing up two things. Today, following our detailed review of Government policy costs, we can announce that on average households will see their bills fall by £50, which she ought to welcome. Our policy for the big six and other energy companies is to have fierce, robust competition. One of the best ways to ensure that energy bills come down is to enable people in the retail markets to switch and to ensure that the big six face real competition in the generating market. It is competition that will push bills down in the long term.