Petrol Prices
Debate between Ed Davey and Mark Durkan(10 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text
Mr Davey
Some of the information and allegations of market manipulation are cross-border, so it might well turn out that these allegations required a European competition authority. It is important that we have a strong European competition regulator, and I hope the hon. Gentleman would accept that, but of course we keep under review the powers of the regulators and competition authorities in general. The Government have acted strongly to strengthen them.
Mark Durkan (Foyle) (SDLP)
Businesses that we have long known to be profiteers now stand suspected of being racketeers. While the allegation of price manipulation and derivatives distortion might take some time to investigate, does the Secretary of State accept that the wider question of commodity price indices speculation needs to be addressed at the G8, particularly in order to limit the degree to which financial institutions can pass off such speculation as legitimate areas of investment?
Oral Answers to Questions
Debate between Ed Davey and Mark Durkan
Mr Davey
I am very confident. When I joined the Prime Minister for the Anglo-French summit in Paris recently, we were signatory to 12 commercial agreements, which included agreements with further education colleges that will be helping with that supply chain. However, it is not only FE colleges that will be involved, as there are supply chain improvements for training British employees in this new industry all over the country.
Mark Durkan (Foyle) (SDLP)
Apart from the wider policy issues arising from the Government’s attempting to skew investment towards nuclear through the carbon price floor, has the Secretary of State been able to consider the particularly adverse implications in the context of investment for energy in Northern Ireland, given the serious implications stemming from the single electricity market there.
Mr Davey
I have to disagree with the hon. Gentleman. The carbon price floor is important if we want to move to a low-carbon future, to which I am completely committed. We understand the impact of the carbon price floor on energy-intensive industries. The Minister of State, Department of Energy and Climate Change, my hon. Friend the Member for Wealden (Charles Hendry) is talking with his colleagues in Northern Ireland to try to mitigate those issues.
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Mr Davey
The hon. Lady makes a vital point. We must ensure that people are aware of all the different options. Online options are increasingly being taken up; they are effective and can be accessed 24/7. There is a high usage of online helplines, and if people are vulnerable or ill, they should have access to quick and quality face-to-face advice. I agree with the hon. Lady.
We have heard a number of ideas during the debate, and we will reflect on them, just as we have reflected during the call for evidence. We have heard interesting ideas such as that from my hon. Friend the Member for East Hampshire (Damian Hinds) about whether search engine providers ought to think about their social responsibilities when people search for advice. There are issues about audits and so on.
Mark Durkan (Foyle) (SDLP)
May I take the Minister back to when he referred to the more robust guidelines that the OFT will produce? He said that the OFT will move against firms that breach those guidelines, possibly by withdrawing their licences where appropriate. Who will determine when such action is appropriate? What will be the exact criteria? If those decisions are open to challenge, will the OFT end up having a paper power that it never exercises? The firm from which the OFT might wish to withdraw a licence will always have deep pockets, and the OFT might feel that a challenge is not worth its while.
Mr Davey
The OFT is the regulator. If it deems an organisation to have breached the guidance, it can act. Indeed, it has acted. Some 43 out of the 129 companies that it identified and investigated have left the market. The idea that it is a regulator that does not take action or track companies down if they do not behave properly is not correct. That does not mean, however, that we cannot improve the overall framework.
When I met the hon. Member for Scunthorpe and a number of his colleagues from the all-party group on debt and personal finance—which, I should say, is doing fantastic work—we had a number of discussions, some of which were reflected in the debate. We share a lot of the concerns that have been raised today. I cannot prejudge the response to the call for evidence, which will arrive soon, but I share the views of colleagues and we will take action.
Oral Answers to Questions
Debate between Ed Davey and Mark Durkan(13 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mark Durkan (Foyle) (SDLP)
The Minister might be aware that the Office of Fair Trading is receiving complaints about the market dominance and business practices of Electoral Reform Services. Will he encourage the OFT to be more attentive and responsive to those complaints than it has been to previous complaints?