Prime Minister Theresa May has promised to produce a draft bill which will cap energy bill prices.
The pledge was made during her speech at the Conservative Party Conference where she stated that the current energy market ‘punishes consumer loyalty with high prices’.
Mrs May stated: ‘The most loyal customers are often those with lower incomes, the elderly, people with lower qualifications and people who rent their homes’.
‘Those who, for whatever reason, are unable to find the time to shop around’.
“That’s why next week, this government will publish a draft bill to put a price cap on energy bills, meeting our manifesto promise and bringing an end to rip-off energy prices once and for all.”
“We will provide a moral lead in the world and set an example for others.”
There have been criticisms of the plans from leading energy providers stating that certain proposed scenarios will simply just reduce the number of lower priced tariffs, rather than reducing the average bill amount.
The UK’s most vulnerable customers are also set to be safeguarded when Ofgem introduces its new plans.
During the coming week, the bill is expected to be published among pressures from MPs calling for the Prime Minister to resign.