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Brighton MP calls for nationalization of energy companies

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LLOYD Russell-Moyle has called for the nationalization of energy companies to protect people from falling into fuel poverty.

The Brighton Kemptown MP backed Labor leader Sir Keir Starmer’s plan to freeze the price cap, saying: “What’s the point of the price cap unless it keeps prices down?”

Mr Russell-Moyle also said that since 75 per cent of the country’s energy is produced domestically, the rest should be subsidized by the government.

He said: “Any company that cannot sell at that price should be closed and the operation should be nationalized.”

The Labor Party will ask the government to block an October hike in the energy price cap and end energy “inequity” by preventing people with pre-payment meters from paying more for their gas and electricity.

Russell-Moyle’s comments come just days after forecasts from consultancy Cornwall Insights said the energy price cap could rise to £4,266 from the current £1,971 from January.

Poorer households will be forced to cut about a quarter (24 percent) of their “non-essential” expenses to heat their home, pay rent and afford groceries in the first three months of the next, according to think tank The Resolution Foundation year.

The rise in energy costs coincides with winter, when household demand increases significantly – with nearly half of households’ annual gas bills coming from consumption between January and March.

Karl Handscombe, Senior Economist at The Resolution Foundation, said: “With the support package announced in May now clearly hundreds of pounds per household below what is needed, and with households already facing difficult budgetary decisions, the Government must act quickly this winter to provide the necessary support introduce the energy bill.”

A government spokeswoman said eight million of the country’s most vulnerable households will receive an extra £1,200 in support to help cover the cost of energy bills this winter.

She said: “We know the pressures people face with rising costs, which is why we have taken continuous action to help households by gradually introducing £37billion in support.”

https://www.theargus.co.uk/news/20647470.brighton-mp-calls-nationalisation-energy-firms/?ref=rss Brighton MP calls for nationalization of energy companies

Fry Electronics Team

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