Energy Markets Competition Assessment

Nick Smith Excerpts

Thursday 27th March 2014 Commons Chamber

[Mr Davey]

If the hon. Gentleman reads the assessment, he will see that the competition authorities have focused on that last point. On the market investigation reference, I have to remind him, again, that it was the leader of his party who flunked that opportunity. I also have to tell the hon. Gentleman that he should read the record, because Labour’s spokesperson in this area, the right hon. Member for Don Valley, was saying just a few weeks ago that a market investigation reference was not a good idea, that to make such a reference would be to kick things into the long grass and that it should not happen. I am glad that Labour has changed its position.

[Nick Smith (Blaenau Gwent) (Lab)]

In his statement, the Secretary of State says, and has just acknowledged, that there is “evidence that the big six have seen increasing profits that do not appear to reflect increasing efficiency”—too right! So why does he not acknowledge that he has been too slow to act today?

[Mr Davey]

I completely disagree with the hon. Gentleman; this coalition Government have been acting from day one. We inherited Labour’s big six. We have deregulated, and we now have 18 independent new suppliers taking on the big six. The best buy tables show that people can save hundreds of pounds by switching from Labour’s big six to the new competition that has come about under this Government. We have been making lots of efforts, but because we are impatient and frustrated and we want to do more, we set up this annual competition assessment and we welcome its proposals today.