Jonathan Reynolds MP, Labour’s Shadow Energy and Climate Change Minister, commenting on the news that British Gas have announced a 5% cut in their household gas prices, said:

“The recent Competition and Markets Authority interim report showed that households have been overcharged by more than a billion pounds a year by the Big Six energy companies.

“Whilst any cut in energy bills is welcome, this is long overdue. Wholesale energy costs are at a five year low and this still isn’t fully reflected in household bills.

“If the Government was serious about fixing the market and reducing bills then they should give the regulator the power to cut prices as Labour has consistently argued for.”