Energy Markets

Ben Goldsborough Excerpts

Thursday 5th March 2026 Commons Chamber

[Ed Miliband]

I thank the right hon. Gentleman for his points about business and particularly about heating oil. It is a really important point, because people who are using heating oil are exposed to what is happening in the market. Obviously, it depends on when they restock their heating oil and, as I have said a number of times, how long the crisis continues, but he is right to raise that as an area we need to look at.

[Ben Goldsborough (South Norfolk) (Lab)]

To follow on from that exact question, I, too, represent a very rural constituency, and there will be constituencies up and down the United Kingdom, particularly in Northern Ireland, that are heavily reliant on heating oil as our source of energy. Will the Secretary of State say what action will be taken in the medium and short term to take account of the price shocks? I have already had the chair of the parish council in Thurlton get in touch, along with many other constituents who are very worried about this price shock.

[Ed Miliband]

Obviously, we are in the first few days of this crisis, but the best thing I can say to my hon. Friend and hon. Members in all parts of the House who are concerned about this issue, and totally understandably so, is that we are very much aware of where the exposure is. The price cap is a guarantee, and I chose my words carefully when I said earlier that, for the vast majority of people, the price cap provides a guarantee for domestic consumers, bearing in mind that those using heating oil are more exposed. We will look at that issue. To go back to the wider point that I made, both the Chancellor and the Prime Minister have shown a determination to act on the cost of living crisis. Obviously, much of this depends on how long the crisis goes on, but the point is well taken.