The energy regulator Ofgem announced on Friday that it will lower the domestic price cap that energy firms can charge customers on standard variable rates.
The policy of a price cap on domestic energy bills was first proposed by the then Labour leader Ed Miliband back in 2015.
At the time the prime minister David Cameron dismissed the idea as a “gimmick” and said Mr Miliband was living in a “Marxist universe” for proposing price controls to protect less well-informed customers.
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