Price cap mechanism is no longer fit for purpose – comment

“The energy price cap was meant to protect consumers from being charged extortionate amounts for their bills. However, today’s hike makes clear that the price cap mechanism is no longer fit for purpose. We now have in black and white the challenges millions across the country are going to face this winter as they try to make ends meet.

“Households are facing an unprecedented cost-of-living crisis that is completely out of their control and we need solutions to help people prepare for the worst. Past approaches are already proving ineffective, and upon their entry to Downing Street, both Liz Truss and Rishi Sunak need to act immediately, demonstrating to the public that they have measures which will be able to prevent the financial avalanche from swallowing consumers’ hard earned money.

“With the price cap set to remain high into next year, it’s a matter of urgency that people are given support now.”

Alastair Douglas, CEO of TotallyMoney