Davey: Tories have a lot to answer for over failure of energy market

Responding to the news that OneSelect have gone bust, the seventh household energy supplier of the year to do so, leaving 36,000 customers without a supplier, Ed Davey, former Secretary of State for Energy and Climate Change said:

This is a deeply worrying trend for consumers, four energy supplier have gone in just a month. Not only does this create major uncertainty for customers, but also undermines competition in the market. People will not switch if they think their new supplier will go under.

The Tories have a lot to answer for, rather than trying to sure up competition in the market they’ve pursed their price cap folly, which clearly has had a negative affect on the small suppliers as the costs rise. Liberal Democrats demand better.

We would scrap the Tories price cap and instead bring in measures to effectively boost competition, while strengthening the rules to ensure smaller suppliers can stand on their own two feet and provided a decent service to customers, while offering cheaper deals.