Fuel Poverty

Part of Intellectual Property (Unjustified Threats) Bill [Lords] – in the House of Commons at 1:58 pm on 21st March 2017.

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Photo of Jonathan Edwards Jonathan Edwards Shadow PC Spokesperson (Treasury), Shadow PC Spokesperson (Transport), Shadow PC Spokesperson (Foreign Intervention), Shadow PC Spokesperson (Business, Energy and Industrial Strategy) 1:58 pm, 21st March 2017

What consideration have the Government given to developments in currency levels? We live in an age in which sterling is devaluing. The harder the Brexit, the more sterling will have to devalue. The US dollar, on the other hand, is likely to strengthen as a result of Trump’s expansionary fiscal policy, and the Fed has increased interest rates. Oil is traded in dollars, and the gas price is pegged to oil, so those two developments inevitably mean that energy prices in the UK will increase significantly. What are the Government going to do to mitigate that?