PROPOSAL FOR ADDITIONAL POWERS TO SELECT COMMITTEES TO PROTECT CONSUMERS

Early day motion 1129, tabled 28 February 2013 by Jim Sheridan (Labour). Signed by 2 members.

That this House notes the recent announcement by British Gas that profits have risen by 11 per cent in 2012-13 after having increased its prices by six per cent in the previous year; further notes that the outgoing Chief Executive of British Gas, Phil Bentley, will be given an estimate £15 million worth of pensions and bonuses; further notes that RBS, which is 81 per cent owned by the taxpayer, paid out bonuses of £607 million in 2012, following a fine of £309 million due to its involvement in the Libor scandal; further notes that these announcements are not unusual among major UK companies; expresses concern that companies are raising unreasonably excessive profits at the expense of consumers; congratulates the work of parliamentary select committees in scrutinising such companies; and urges the Government to give further powers to select committees in order to limit the behaviour of those that they believe are acting unreasonably in the face of rising prices and living costs for consumers.

Signatures by party: Labour 2.