WIREDGOV

CBI’s response given yesterday to Government support for rising energy prices & Ofgem energy price cap changes.

Matthew Fell, CBI Chief Policy Director, yesterday said:

“The rise in the price cap was inevitable but will pile more pressure on squeezed household incomes.

“The Government is right to focus on the most vulnerable customers but must urgently work in partnership with energy suppliers to ensure these measures are effective.

“Short-term support must go hand-in-hand with a revamped retail energy market, setting a higher bar for market access and tougher stress testing for suppliers.

“Businesses too have been impacted by high-cost pressures, so steps to protect cashflow for smaller firms and heavy industry should follow today’s announcement.

“Government must also step up the level of investment and pace of delivery in home energy efficiency improvements and push forward with ambitious plans to progress the clean energy transition.”