Ed Miliband, Leader of the Labour Party, has today revealed new figures showing British business will save £1.5 billion as a result of Labour’s energy price freeze.

At Labour Party conference, Ed Miliband announced the next Labour government will freeze energy prices to help address the cost of living crisis facing our country.

This energy freeze will benefit 2.4 million businesses across the country.

Businesses say that energy costs are the second biggest cost they face. This new research underlines the need for reform of the energy sector, which isn’t working for businesses across the country.

Ed Miliband said:

“Labour’s energy freeze will save businesses across Britain £1.5 billion.

“That is 2.4 million businesses across our country who will get relief after the next election.

“For too long the energy companies have been able to overcharge people as a result of a market that’s not working. When wholesale prices go up you pay more, when wholesale prices come down you still pay more. Labour will call time on that and sort out the energy market.”

ENDS