Keir Starmer unveils Labour plan to freeze energy price cap paid for by extra tax from oil and gas giants

Labour leader Sir Keir Starmer said today that his party “wouldn’t let people pay a penny more” on their winter fuel bills as he unveiled plans to address the cost of living crisis.

Sir Keir said that the party’s plan to stop bills rising this winter would save the typical family £1,000 now, get energy costs under control for the future and help tackle inflation.

Labour’s £29bn plan would prevent the energy price cap from rising through the winter, paid for by extra tax from oil and gas giants who are making eye-watering profits.

The emergency package announced by Sir Keir would reduce energy demand and lower bills in the longer term by insulating 19 million homes across the country over the next decade through Labour’s Warm Homes Plan.

“Freezing the price cap will bring inflation down by 4%, making future interest rate rises less likely and easing the burden on households and businesses.” Labour has claimed.

Further plans include a plan to secure our energy supply to make sure we’re protected against future shocks and build Britain’s energy independence.

“Labour would stop bills rising now, and create sustainable energy for the future – helping people get through the winter while providing the foundations for a stronger, more secure economy.” Sir Keir said.

The Labour leader said: “Britain’s cost of living crisis is getting worse, leaving people scared about how they’ll get through the winter. Labour’s plan to save households £1,000 this winter and invest in sustainable British energy to bring bills down in the long-term is a direct response to the national economic emergency that is leaving families fearing for the future.

He added: “We’ve had 12 years of Tory government that has failed to prepare and refused to invest, leaving bills higher and our country less secure. This is a national emergency. It needs strong leadership and urgent action.

Sir Keir said: “Labour’s fully-funded plan would fix the problems immediately and for the future – helping people get through the winter while providing the foundations for a stronger, more secure economy. Only Labour can give Britain the fresh start it needs.