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Npower job losses 'part of firm's two-year recovery plan'

Npower has said that axing 2,400 jobs today is part of a two-year recovery plan to cut costs after the energy giant suffered losses of £100 million in 2015.

The German-owned firm announced the cuts along with a four-point plan to deliver a "robust business":

  • Lower costs: Make extensive cost savings to help return the company to profitability
  • Simplify the business: Reduce, and in some cases stop, some of its energy services activities
  • High-quality customer service: Including improvements to the billing system
  • Looking to the future: Preparing for the national smart meter roll-out and continuing to invest in digital technology

A statement said: "Npower takes its responsibilities to its employees seriously and will consult fully with affected employees and with unions over its proposals for the future of the business."

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Cameron: I agree energy bills aren't falling fast enough

The Prime Minister has told the House of Commons that he agrees energy bills in the UK aren't falling fast enough.

Speaking during Prime Ministers' Questions, David Cameron said:

"We've also got in this country now falling energy prices because of the falling oil price, I agree that they're not falling as fast as I would like."

Labour: Government must tackle 'unaffordable' energy bills

Labour has said that more needs to be done to tackle high energy bills that are "unaffordable" for many.

Speaking to ITV News, Shadow Energy Secretary Lisa Nandy said that Government ministers need to ask themselves "Whose side are you on?"

"Are they on the side of energy companies who are failing to pass on saving to their consumers...

Or are they on the side of communities trying to power their own homes...

Are they on the side of consumers who are trying to get a reduction in their energy bills because they are, quite simply, unaffordable."

Ofgem: Energy bills fallen very little for most consumers

A drop in wholesale energy prices hasn't transferred over to domestic bills. Credit: PA

The energy watchdog has said that most consumers on standard variable tariffs have seen "very little" change to their energy bills over the past year.

In a statement to ITV News, Ofgem said:

Falls in wholesale prices have resulted in better deals for many consumers who are on fixed tariffs.

But for the vast majority - the 70%of consumers who remain on standard variable tariffs - energy bills have fallen very little this year.

In a properly functioning market, when costs fall, competition should be driving down prices for all consumers, whether they are on fixed rate or standard variable tariffs.

– Ofgem
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