Big rises in gas and electricity bills this year, MPs warn

The Government should introduce a windfall tax on utility companies to help hard-pressed families, MPs say.

The market in gas and electricity is not functioning properly and the dominance of six energy companies may be stifling competition and pushing up prices, according to the report.

MPs on the Business and Enterprise Committee have spent five months investigating the British energy market after consumers experienced inflation-busting increases last winter.

Today's report predicts that "gas and electricity bills for domestic consumers will rise significantly in the near future, over and above the increases already announced this year, with serious consequences for millions of households."

The Committee also warns that industry is paying more for energy than their European counterparts which is putting "many thousands of jobs" at risk.

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