Theresa May had pledged a price cap on energy bills for 17 million families but the policy was missing from the Queen’s speech. Instead, the business secretary, Greg Clark, wrote to the energy regulator asking it to safeguard “customers on the poorest value tariffs”. “What is increasingly clear to us is it that an industry-wide price cap for energy bills is unlikely,” said analysts at Jefferies bank. No 10 gave a lukewarm response to the Ofgem proposal but stopped short of repeating the pledge to legislate to protect 17m families with a price cap. Price comparison sites, which had strongly lobbied against an absolute price cap, were pleased by the announcement.

Source: The Guardian July 03, 2017 09:59 UTC