Responding to reports that more than half of households are set to see an increase in energy costs with Ofgem raising price caps, former Liberal Democrat Energy and Climate Change Secretary Ed Davey said:

The Conservatives introduced the price cap claiming it would save people money. But it was never going to do so, and it was inevitable that they would instead have to put the cap up at some point.

Now the truth on the price cap is clearer to people, the Government needs to stop hitting people with higher energy bills thanks to their policies.

Competition in the energy market is under threat due to this cap. Yet it is precisely that competition which has helped many more consumers reduce their energy bills than the cap.

Liberal Democrats believe people deserve better. We would take meaningful steps to promote more competition as the most effective way to slash energy bills, and we would roll out an energy efficiency programme to reduce energy bills for those in fuel poverty.

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