Tracy Gilbert
Main Page: Tracy Gilbert (Labour - Edinburgh North and Leith)Department Debates - View all Tracy Gilbert's debates with the HM Treasury
(3 weeks, 4 days ago)
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Tracy Gilbert (Edinburgh North and Leith) (Lab)
I welcome the measures that my right hon. Friend has announced today, which will help ease the cost of living pressures on families in my constituency, and on its very many businesses and attractions—and in time for the Scottish school summer holidays. She is always welcome for award-winning fish and chips in my constituency.
Earlier this year, the Government set out welcome plans to break the link between the wholesale price of gas and the cost of electricity. Can my right hon. Friend provide an update on those plans and tell us how that will help reduce bills over the long term?
Rachel Reeves
I am sure that my hon. Friend’s constituents in Edinburgh North and Leith will benefit from being able to enjoy attractions in the Scottish school holidays. People from the other nations and regions of the UK, or from further afield, will also be able to enjoy the attractions of Edinburgh this summer.
On the specific issue of delinking gas and electricity prices, this is both a short-term and long-term measure. In the short term, we have increased the electricity generator levy by 10 percentage points to bring in more money this year. We are renegotiating contracts to move electricity prices on to contracts for difference in order to have greater certainty about electricity prices, so that the gas price does not set the electricity price so frequently, giving greater stability of energy prices to businesses and families.