Retail Energy

William Wragg Excerpts

Thursday 12th October 2017 Commons Chamber

[Mr William Wragg (Hazel Grove) (Con)]

I hope that there is no state monopoly on Marxist metaphors. If I may paraphrase Trotsky, the ends we agree on; it is the means of getting there. In welcoming the draft Bill and urging consideration of a relative cap, will my right hon. Friend reaffirm that competition within the energy market remains crucial for consumer choice and keeping bills down?

[Greg Clark]

I will indeed, and that is why the proposal, in line with the recommendation of the minority report of the Competition and Markets Authority, is a temporary price cap during the period in which competition is extended. We agree very strongly that the best way for markets to serve consumers, bring down costs and promote innovation is to have vigorous competition, and that is at the heart of the obligation and the duty on the regulator.