New analysis from Mansfield Labour reveals families in Mansfield stand to save a staggering £48m from their energy bills under Labour’s plan to freeze energy prices this Autumn.
Labour’s plan to block the coming energy price cap rise would save the average household £1,000. Labour’s fully-funded £29bn plan would prevent the energy price cap rising through the winter, paid for by an extra tax from oil and gas giants who are making eye-watering profits.
Publishing the analysis, Mansfield Labour’s chair Paul Henshaw said,
“It feels like there is more terrifying news about bills and inflation every day at the moment – yet the Conservatives all appear to have given up and taken the summer off. But Labour has a plan.
Labour’s energy price freeze would save families £1,000 this winter when people need support – and it’s fully funded, built on a fair tax on the bumper profits of oil and gas companies. What’s more we would invest in sustainable British energy and insulate millions of homes to bring bills down in the long-term.
“Labour’s plan would fix the problems immediately and for the future – helping people in Mansfield get through the winter while providing the foundations for a stronger, more secure economy. The Conservatives might have given up, but Labour has a plan to give Britain the fresh start it needs.”
Notes to editors
Labour’s energy price cap freeze would save the average household £1,000. There are 48,000 households in Mansfield, saving a combined total of £48m [link to data]
Stopping energy bills from rising is a fully-funded measure, with a total cost of £29bn. That will cover:
- a freeze in energy bills for all domestic energy customers
- support for customers not protected by the price cap
- making sure the price people on prepayments meters pay for energy is the same as people who pay their bills monthly
- and it would cover households off grid from both gas and electricity.
Stopping energy bills from rising is a fully-funded measure. Labour would pay for that in three ways:
First, with increased tax revenues from oil and gas producers. Labour would close the Government’s absurd loophole in their Energy profits levy, backdate the start date to when Labour first called for a windfall tax to January, and accounting for higher gas and oil prices, would raise £8bn.
Second, we would use the already-pledged £14bn of non-targeted funding to prevent bills from rising, giving people the security to plan ahead, rather than giving that money back in hand-outs later on.
Finally, by keeping energy bills down, we’ll reduce the rate of inflation, leading to a reduction in government debt interest payments of £7bn.
The Warm Homes Plan and investment in sustainable British energy would be funded from Labour’s Climate Investment Pledge, a plan to tackle the climate crisis, strengthen our energy security, create good jobs in new industries, and cut bills for good.