Households across the country are feeling the pinch with rising prices as inflation is out of control.
There is a global gas price crisis, but 10 years of the Conservative’s failed energy policy has left us uniquely exposed. Their dither, delay and incompetence has created an energy price crisis being felt by everyone.
This happened on their watch. They have failed to meet the vast potential of British renewable and nuclear energy. And they’ve failed to make enough of our homes warm and well-insulated.
The Tories failed to properly regulate our energy market, leading to dozens of energy companies going bust, with all of us footing the bill. They made the complacent choice to slash the amount of gas storage, and leave us reliant on Russia and Qatar.
We don’t make or build anything under the Tories – whether PPE or power plants, it comes back to bite us in a crisis.
The result is rapidly rising prices hitting millions. We want to stop bills going up.
To address the immediate crisis, Labour would bring in fully-funded measures now to reduce the expected price rise in April – saving most households around £200 or more.
We’d also target extra support to squeezed middle, pensioners and the lowest earners, receiving up to £600 off bills and preventing all of the increase in energy bills currently expected.
We’d pay for this with a one-off windfall tax on North Sea Oil and Gas producers who have profited from price rises.
We know this is just a short-term fix. We want to give security for families in the short term by keeping bills down, and security in the long term too. Labour will:
- Reduce our reliance on imported gas by accelerating home-grown renewables and new nuclear
- Make sure 19 million homes are warm and well-insulated, saving households an average of £400 a year on their bills
- Regulate the market better, with a pledge to never again let energy companies play fast and loose with the rules.
- The Tories have been asleep at the wheel, with working people paying the price. Labour has a plan to fix this.