I beg to move,
That this House has considered regulation of customer credit retained by energy suppliers.
It is a pleasure to serve under your chairmanship, Mr Betts. In this debate, I am not going to focus on what I have focused on many times in the Chamber, which is the myriad failures of the UK Government in dealing with the energy cost crisis for people in their homes and the cost of living crisis. That is well documented, and it was underlined by a poll yesterday showing that nearly 70% of people across the nations of the UK feel that the Government are failing on this. That is not what this debate is about. The issue that I want to highlight is something that affects many people in their homes and is manifestly unjust.
I want to start by saying that I am grateful to the Minister for graciously taking the time to discuss this with me before the debate; it says a lot that she was willing to be informed about the perspective that I want to bring to this. I am hopeful that she will work with us to try to sort this and that we will be able to work together to aid people.
I have been asked to feel sorry for energy suppliers. I have been asked by energy suppliers to think of them and their financial position, as they are keeping customers’ money in their bank accounts that they are not due through bills because it aids their business. I do not feel sorry for energy companies. I cannot imagine any other industry where companies are allowed to keep customers’ money without any accountability and think that that is okay or, indeed, that we should feel for them. I understand their wish to protect themselves. For example, Octopus told me that it holds £660 million of customers’ money in credit, but because of the outstanding balances, only £150 million of that is a cushion for them. I am sorry, but that does not cut it—it is not the company’s money to do that with.
I am more concerned about people facing the fear of the cost of living crisis. I am more concerned about people’s frustration over their household incomes and the hardship that they are expected to face in these times. People are turning off appliances and heating when it is cold to save money, because that is what they have been told they have to do, when all the time, energy companies are keeping vast amounts of their money in their bank accounts while people struggle.