Theresa May today pledges to clamp down on overcharging by big businesses.
The move comes as the Government’s price cap on energy finally starts to take effect – potentially saving 11million households an average of £75 a year.
The cap was a centrepiece of the Prime Minister’s general election campaign and is designed to limit how much energy companies can charge customers on a standard variable tariff.
But now Mrs May wants to take action in other areas where families, pensioners and others face unfair bills and exploitation.
Targets include energy firms, banks, insurers and telecom and broadband companies.
The Prime Minister said Brexit was not the only issue facing the country over the coming months. She is pictured picking up litter in her constituency of Maidenhead
It is thought that long-standing customers may pay £4billion a year too much for insurance, mobile, broadband and mortgages.
The Competition and Markets Authority and the Financial Conduct Authority have both confirmed there are situations where loyalty is punished.
Just before Christmas, the CMA said it wanted new powers to impose large fines and price caps.
And, in her New Year message, Mrs May declares the Government is prepared to change the law to give watchdogs the teeth needed to force big business to cut bills.
She says: ‘Our energy price cap will cut bills for millions of families and people across the UK who have been ripped off by energy companies for far too long.
Mrs May pledged extra funding for the NHS and for homebuilding if MPs get behind her deal
‘From today, money will go straight back into the pockets of loyal consumers, including the elderly and those on lower incomes who feel the pinch more acutely. But work to tackle this issue doesn’t stop there.
'We’re working with regulators and industry to ensure that consumers are not unfairly overcharged in the future – whether on their phone bills or their insurance premiums.’
The Conservatives derided the idea of an energy price cap when it was proposed by former Labour leader Ed Miliband.
However Mrs May advanced her own version and appears ready to go much further.
The energy regulator Ofgem has set the price cap level at £1,137 per year for a typical dual fuel customer paying by direct debit.
Energy minister Claire Perry said: ‘For too long, suppliers have failed to pass on any savings to their customers, who deserve to pay a fair price for their gas and electricity.
Switching supplier is still the best way to find a better deal, but that doesn’t mean customers should be punished for their loyalty.
‘Bill payers can now be confident that any change to the price cap will be a fair representation of the actual costs of energy, rather than suppliers passing on inefficiencies to their customers or as excess profits.’
Mrs May said during her New Year address that 2019 would mark a 'new chapter' for Britain
Ministers claim the move will save hard-pressed households £1billion over a full year. However, industry experts warn that the real saving is likely to be much lower – and the reduction will be short-lived – because the cap is widely expected to rise from April 1.
Ofgem boss Dermot Nolan said: ‘Consumers can have confidence that any rise in prices in the future will only be down to genuine increases in energy costs rather than supplier profiteering while falls in energy costs will always be passed on.’
Citizens Advice has led efforts to highlight the penalty for loyalty. It claims that – on top of the energy rip-off – a household can be overcharged by as much as £877 a year across insurance, mobile, broadband, mortgages and savings accounts.
Alex Neill of the consumer group Which? said: ‘The energy price cap can only be a temporary fix – what is now needed is real reform to promote competition, innovation and improved customer service in the broken energy market.’
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https://hienalouca.com/2019/01/01/prime-minister-promises-to-clamp-down-on-banks-phone-networks-and-energy-giants-in-new-year-message/
Main photo article Theresa May today pledges to clamp down on overcharging by big businesses.
The move comes as the Government’s price cap on energy finally starts to take effect – potentially saving 11million households an average of £75 a year.
The cap was a centrepiece of the Prime Minister’s general election ca...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
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