Milton Keynes’ Lib Dems have called on the Government to spare families from soaring energy bills by cancelling October’s price cap increase.
The bold plan would save a typical household in Milton Keynes an extra £1,889.21 a year. The 70% increase in the energy price cap expected to be announced by Ofgem later this month would be cancelled, with the Government instead paying the shortfall to energy suppliers so that they can afford to supply customers at the current rates.
This would mean a total estimated saving for households in Milton Keynes of £207,797,086 off their electricity and gas bills.
The Liberal Democrats say the estimated £36 billion costs should be met by expanding the windfall tax on oil and gas company profits and using the Government’s higher-than-expected VAT revenues as a result of soaring inflation.
The party is also calling for more targeted support for vulnerable and low-income households. This would include doubling the Warm Homes Discount to £300 and extending it to all those on Universal Credit and Pension Credit, while investing in insulating fuel poor homes to bring prices down in the long term.
Liberal Democrat Group Leader on Milton Keynes Council, Councillor Robin Bradburn, said:
“Thousands of local households are struggling to make ends meet and are deeply concerned about how they will cope with the predicted rise in energy bills.
“The Conservative Government are failing the people of Milton Keynes; they must act now by cancelling the planned rise in energy bills this October.”