Business Secretary Greg Clark says he’s ‘dismayed’ at the failings of Britain’s fat-cat energy giants
The Cabinet Minister told MPs that millions of customers on pricey standard variable tariffs would have no idea they were being ripped-off
BUSINESS Secretary Greg Clark yesterday said he was “dismayed” at the failings of Britain’s fat-cat energy giants – and said he had a duty to act for households.
The Cabinet Minister told MPs that millions of customers on pricey standard variable tariffs would have no idea they were being ripped-off by their company.
And he demanded the Big Six change their behaviour – and start rewarding customers “loyalty”.
He was speaking as Ofgem published the gap between the priciest and cheapest energy deals for the first time. Grilled by a cross-party group of MPs, Mr Clark said a report by competition watchdogs had showed consumers were being ripped off by almost £2 billion.
He said: “I am dismayed that there is that degree of consumer detriment, they are constituents and they ought not to be losing money in that way.”
“I take very seriously the duty to act when you‘re confronted with that degree of detriment.”
Speaking to the Business Select Committee, he added that he wanted energy companies to do more for those on ‘default’ standard variable rates.
“People who are on the most expensive tariffs and who don’t engage in switching, some of these are the most vulnerable.
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“They should not be penalised for what they might see as loyalty to a company that has a blue –chip good corporate reputation. People assume that if you are with one of these companies that you may not get the best bargain but you won’ be ripped off.”
“They don’t expect their loyalty to be abused.”