Gas Market Fraud

Kevin Brennan Excerpts

Tuesday 13th November 2012 Commons Chamber

[Mr Davey]

I share my hon. Friend’s concerns that our constituents deserve markets that are fair, deliver competitive outcomes and keep prices as low as possible. He is absolutely right on that. Again, I am being asked to prejudge the outcome of the investigations, but I can say to him that if certain offences are proved to have been committed, very serious penalties are attached to them. If a cartel offence, for example, has been committed, it is a very serious one and it has a criminal sentence attached to it.

[Kevin Brennan (Cardiff West) (Lab)]

Does the Secretary of State understand that his laconic performance today and his rather puny response to all this will serve only to anger our constituents more? When they have already had to put up with confusion pricing, excessive prices and, now, alleged market rigging, why does the right hon. Gentleman not show some energy, get tough and introduce a new regulator that can actually take some action?

[Mr Davey]

I am afraid that I am tempted to say that we are making amends for the failures of the last Government in this area. The hon. Gentleman talks about confusing tariffs, but the last Government took no action on them, and Ofgem—the regulator which, if I understand his question correctly, the hon. Gentleman wants to abolish—has put forward proposals to simplify and reduce the confusing number of tariffs, about which his party did nothing when in government.