Sarah Dyke
Main Page: Sarah Dyke (Liberal Democrat - Glastonbury and Somerton)Department Debates - View all Sarah Dyke's debates with the HM Treasury
(1 day, 8 hours ago)
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Rachel Reeves
As I set out in my statement, we put £15 billion into the warm homes plan at the spending review last year, to better insulate people’s homes and help them to move to cheaper forms of energy. However, I recognise the immediate problems relating to heating oil, which is why I have asked the Competition and Markets Authority to consider price gouging, and why the Financial Secretary to the Treasury will meet MPs on Wednesday. I hope that my hon. Friend will be there on behalf of his Bishop Auckland constituents.
Sarah Dyke (Glastonbury and Somerton) (LD)
Since the outbreak of the conflict in the middle east, heating oil prices have increased by over 100%. That is a harsh reminder that relying on volatile fossil fuel markets leaves households financially vulnerable. Many rural households are off the gas grid, so constituents such as Julian from East Lambrook are not protected by the energy price cap. Does the Chancellor agree that that is unfair on rural communities, and will she take steps to develop a mechanism to protect those householders from damaging global fossil fuel price shocks?
Rachel Reeves
Almost every household uses electricity to turn on the lights. They will benefit from some of the changes that will come in on 1 April. Some 4% of households in Great Britain, and more than 60% in Northern Ireland, rely on heating oil. We recognise the unique situation here. The increase in the price in the past few days does not reflect market conditions, which is why we have asked the Competition and Markets Authority to look urgently at extortionate prices. We are also ensuring that supply remains stable. Enough heating oil is available, and we do not want people to be priced out of it.