Meeting of the Parliament 23 April 2014
I will explain that. The point is very useful to make to the SNP for a completely different reason. During 2008, energy prices peaked, with oil at a value of $140 a barrel. In nine months, the oil price dropped $100 a barrel, to only $40 a barrel. That is why energy prices dropped under Labour. That had nothing to do with—in fact, it was in spite of—the efforts of the great Ed Miliband.
In the time that the Conservatives have been in government at Westminster, we have seen the error of the ways of previous Governments and taken the opportunity to move quickly to simplify tariffs and enable faster switching for those who want to take advantage of the opportunities in the marketplace. In the most recent budget, we reduced green levies and brought in further measures to promote energy efficiency. The competition review that I mentioned earlier will go ahead and ensure that we in this country have a truly competitive system of energy supply, which will result in lower prices for consumers, and there will be sanctions and penalties to ensure that they are properly enforced.
In the same time, we have taken measures to protect winter fuel payments for 12.7 million pensioners across the UK as a whole. We have reinforced cold weather payments, and we are making energy companies support the most vulnerable. New funding for energy-saving improvements in homes will benefit people throughout the country, including Scotland. Reducing our dependence on expensive imported energy sources will also have the effect of cutting energy costs, and tax breaks for companies that are exploring for shale gas can begin the process of taking us into a position that is similar to that which is enjoyed in North America, where energy prices are falling for both industry and domestic consumers.