In early July the Competition and Markets Authority (CMA) published the initial findings of Roger Witcomb's investigation into the UK energy markets. With the average UK household currently spending around £1,200 on energy each year, energy prices have turned up the heat on politicians. The Witcomb findings suggest that we need to make the energy market work better for consumers. But do we really believe that after a 75% rise in electricity and 125% on gas prices over the past decade we can simply tweak the medicine of market regulation in order to make those markets work better? I would beg to differ.
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