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PM's promised energy price cap will expire in 2020

PM's promised energy price cap will expire in 2020

Business
The Prime Minister's cap on energy prices to protect households from rip-off bills will be a "temporary measure", it has been revealed.In a statement to financial markets, ministers revealed their plans to publish a draft law later on Thursday to cap energy prices for those on a standard variable tariff and other default tariffs.But the law will expire in 2020, it was disclosed."The cap would be a temporary measure, having effect initially until the end of 2020," the statement added."The need for it would be kept under review, and extensions could be made, on the advice of Ofgem, up to the end of 2023 at the latest."If passed, the proposed legislation would force regulator Ofgem to impose an "absolute cap" as soon as possible.Video:4 October - Key announcements in May's speech overshadowed...