MP backs freeze on energy prices

FREEZING energy prices for two years will benefit Oldhamers and tackle years of corporate power, Oldham MP Michael Meacher says.

The Oldham West and Royton MP said Labour Leader Ed Miliband is right to tackle soaring energy prices and the six suppliers who dominate 98 per cent of the market.

“When energy prices have risen 50 per cent in the UK in the past five years — nearly five times general inflation — and with UK energy prices now soaring faster than in any EU country and four times faster than in Germany, it is clear the Big Six companies have too much power and are abusing it.

“The energy market is badly broken. There have been dozens of Ofgem investigations into the energy market, with little or no impact on fairness to consumers.”

The Labour MP said Mr Miliband’s push may just be the start of tackling the markets. “Following the financial crash of 2008-9, a new system has to be created. A temporary price freeze may be just the first element,” he added.