Government must cancel October energy price rise to save families in Waltham Forest nearly £180 million

Waltham Forest Liberal Democrats have called on the Government to spare families from soaring energy bills by cancelling October’s price cap increase, accusing the Conservatives of “stalling in the face of a national emergency”.

The bold plan would save a typical household in Waltham Forest an extra £1,827.83 a year. The 70% increase in the energy price cap expected to be announced by Ofgem later this month would be cancelled, with the Government instead paying the shortfall to energy suppliers so that they can afford to supply customers at the current rates.

This would mean a total estimated saving for households in Waltham Forest of £179,649,497 off their electricity and gas bills.

The Liberal Democrats say the estimated £36 billion cost should be met by expanding the windfall tax on oil and gas company profits, and using the Government’s higher-than-expected VAT revenues as a result of soaring inflation.

The party is also calling for more targeted support for vulnerable and low income households. This would include doubling the Warm Homes Discount to £300 and extending it to all those on Universal Credit and Pension Credit, while investing in insulating fuel poor homes to bring prices down in the long term.

Chair of the Waltham Forest Liberal Democrats, Josh Hadley, said:

“Hard-working families in Waltham Forest are already struggling to make ends meet, and are deeply concerned about how they will cope with the predicted rise in energy bills.

“This Conservative Government is stalling in the face of a national emergency and, yet again, is simply not doing enough to put money back in the pockets of hard-working people.

“Countless families and pensioners across Waltham Forest are already struggling, and they cannot wait for a new Conservative leader to act.

“This is an emergency, and the Government must step in now to help families and pensioners in Waltham Forest by cancelling the planned rise in energy bills this October.”