Lee Dillon
Main Page: Lee Dillon (Liberal Democrat - Newbury)Department Debates - View all Lee Dillon's debates with the HM Treasury
(1 day, 7 hours ago)
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Rachel Reeves
I thank my hon. Friend for standing up for her constituents in Portsmouth. The purpose of decoupling gas and electricity prices is to reduce the volatility. We all know from our constituencies how much lower-income families and pensioners, in particular, struggle with volatility in gas and electricity prices, because electricity is an essential and people need it for everyday use. Decoupling will smooth out some of the volatility in the price of energy, giving greater certainty to families, pensioners and businesses, which all have to contend with the volatility of the fossil fuel market. That is why we want to move to more contracts for difference, and that is what today’s policy will achieve.
Mr Lee Dillon (Newbury) (LD)
In her statement, the Chancellor outlined a plan for tomorrow, but no help for today. The residents of Newbury—the small businesses and farmers—want to know how high the Chancellor will allow the prices of petrol, red diesel and fertiliser to go before she decides to take positive action and reduce the impact of the cost of living crisis on those people. How high do those prices have to go, Chancellor?
Rachel Reeves
In Newbury, and indeed in all of our constituencies, people got £150 off their energy bills in April this year. There are very few countries in the world where energy bills fell in April; in most countries they are going up. That was possible only because of the measures I took in last year’s Budget. I have extended the 5p cut in fuel duty two times already since becoming Chancellor. Obviously, we are following very carefully what is happening in the middle east and looking at the impact on the UK economy, families and businesses, and we will be ready to respond. However, the best way to get bills and prices at the pump down is to de-escalate this conflict and reopen the strait of Hormuz. That is the policy of the hon. Gentleman’s party, and it is the policy of this Government, because that is the best way to help people with the costs of energy.