House of Commons
Parliament

MPs get started at 11.30am with Foreign Office questions, after which there are two statements, on international investment and on Brexit negotiations.

The Ten Minute Rule Bill is from Labour's Jack Brereton on relocating Channel 4.

Today's main business is a Backbench Business debate on the persecution of the Rohingya in Myanmar.

The adjournment debate is from Labour's Chris Evans on the sale of puppies.

Select Committee
Parliament

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The Treasury Committee is now questioning Bank of England Governor Mark Carney.

You can watch the session here on Parliament TV., external

Select Committee
Parliament

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Ofgem's representatives have now taken their seats in front of the committee.

Chief Executive Dermot Nolan tells Chair Rachel Reeves that energy price cap legislation would give Ofgem the "legal certainty" that is required to implement the measures.

Ofgem has previously said it would have to wait for legislation to be in force before it could take action on standard variable tariffs.

The legislative process could take as long as a year, and then a further five months for Ofgem to implement a cap.

Select Committee
Parliament

Greg Jackson of Octopus energy tells the committee that across the energy market the "wool is being systematically pulled over customers eyes".

Mr Jackson says the idea of customers having to swap energy supplier every year is "absurd" and as a result, "it's time for a relative price cap".

Image source, PA

When energy customers' fixed-term deals end they usually automatically move to a standard variable tariff, which applies to 12 million households.

Ofgem says the price difference between the average standard variable tariff default deal and the cheapest rate in the market recently hit more than £300.

The bill currently before Parliament compels regulator Ofgem to change the licence conditions for energy suppliers so that they are forced to cap electricity and gas prices.

The measure will apply to anyone on a standard variable tariff.

Select Committee
Parliament

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Conservative MP Stephen Kerr asks the witnesses about the objectives of a price cap and how it will protect vulnerable customers.

The difference between standard variable tariffs and fixed tariffs being £300 is "indefensible", says Mr Fitzpatrick of OVO.

Professor Catherine Waddams, an economist at Norwich Business School, says a price cap which tries to identify vulnerable customers and "protect them directly" is preferable as the current proposals might not work in their favour.

Image source, Getty Images

The idea to cap energy prices was promised in the Conservative Party’s 2017 election manifesto.

The Draft Domestic Gas and Electricity (Tariffs Cap) Bill, external - unveiled by the government last week - is designed to lower the cost of energy prices and will give energy regulator Ofgem the power to cap standard variable tariffs.

Currently, about 12 million households are on some form of uncapped default tariff, which can cost hundreds of pounds a year more than the cheapest deals.

Ofgem is the government regulator for the electricity and natural gas markets in the UK.

Select Committee
Parliament

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Labour MP Albert Owen opens the questioning for this morning's Business Committee session and asks - "is there a need for an energy price cap?"

Sarwjit Sambhi, UK Managing Director of energy company Centrica tells the committee that an energy price cap will "hinder competition and innovation in the energy market".

Not all the witnesses agree with him.

Stephen Fitzpatrick of OVO Energy answers: "an enthusiastic yes, a well set regulatory price cap is needed to protect consumers".

Select Committee
Parliament

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This morning, the committee will hear from major energy companies about the different energy price cap proposals and their implications.

At 10.00 am the witnesses will be:

• Sarwjit Sambhi, Managing Director UK Home, Centrica, external
• Stephen Fitzpatrick, Chief Executive, OVO Energy, external
• Prof Catherine Waddams, Professor of Economic Regulation, Norwich Business School

And then at 10.45 am:

• Dermot Nolan, Chief Executive, Ofgem, external
• Rachel Fletcher, Senior Partner, Ofgem, external

Select Committee
Parliament

The Business, Energy and Industrial Strategy committee is chaired by Labour's Rachel Reeves. The following MPs sit alongside her:

• Drew Hendry (SNP)
• Stephen Kerr (Con)
• Peter Kyle (Lab)
• Ian Liddell-Grainger (Con)
• Rachel Maclean (Con)
• Albert Owen (Lab)
• Mark Pawsey (Con)
• Antoinette Sandbach (Con)
• Anna Turley (Lab)

We're kicking off today's coverage of events in Westminster with the Business Committee at 10am.

MPs will be looking at energy price caps.

The Commons chamber gets to work at 11.30am with questions to Foreign Office ministers. Peers in the House of Lords meet at 2.30pm for questions to government ministers.

And we'll have more to come from committee rooms across Parliament.

Thanks for joining us...

House of Commons
Parliament

Business in the Commons draws to a close, and MPs will return tomorrow at 11.30am for questions to Foreign Office ministers.

House of Commons
Parliament

Communities and Local Government Minister Alok Sharma urges building firms to consider "employing people directly so they have more control over the quality of the buildings".

"Homebuilders need to step up and make quality and design a priority," he stresses.

He says he's considering proposals for a new homes ombudsman.

House of Commons
Parliament

The Nuclear Safeguards Bill passes second reading without a division, and Conservative Steve Double opens his adjournment debate on consumer protection for new housebuyers and the National House Building Council.

He says while most have a positive experience, new homebuyers find their houses are not finished to their satisfaction or have "serious building defects".

House of Commons
Parliament

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Winding up, Business Minister Richard Harrington decries "scaremongering" by the opposition, adding: "I can state categorically this bill nothing to do with medical isotopes."

Labour's Rachel Reeves intervenes to press him on whether it will seek associate membership of Euratom.

The minister replies: "We leave Euratom when we leave the EU."

House of Commons
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Shadow Brexit minister Paul Blomfield responds to the debate for Labour, saying that what the government "should be doing is setting its goal as continued participation by the UK in Euratom".

He goes on to say that citing Euratom in the Article 50 notification was "irresponsible" and warns repeatedly against "crashing out" of Euratom.

He asks the government to specify if it will seek associate membership.