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Ed Miliband vows to freeze Energy Bills if he wins the next election

Labour's price freeze to hand £4.5bn back to households

Ed Miliband vowed that Labour would freeze gas and electricity bills until 2017 if it wins the next election.

In an energetic speech to the party's conference Mr Miliband said that toothless regulator Ofgem would be replaced and the big six energy firms would be broken up.

The 20-month freeze would save households about £120 a year and businesses £1,800, snatching about £4.5 billion from the greedy privateers.

"The companies won't like it because it will cost them money. But they have been overcharging people for too long because of a market that doesn't work," he said.

"It's time to reset the market."

Mr Miliband also promised that Labour would build 200,000 new homes a year until 2020, create 100,000 new apprenticeship places and lower the voting age to 16.

He said Labour would bring in a carbon emissions target for 2030, which the coalition has refused to do, and try to break the stigma that surrounds mental health problems.

And Mr Miliband cemented Labour's commitment to scrap the bedroom tax, introduce free childcare for working parents of three and four-year-olds, defend the NHS by repealing Con-Dem laws and bolster the minimum wage.

The Labour leader further promised to help 150 million small businesses funded by scrapping a planned corporation tax cut.

Wansbeck Labour MP Ian Lavery said Mr Miliband's speech spelled out solid plans for the future.

"Freezing bills, building more homes and free childcare for working parents will especially resonate with communities up and down the country," Mr Lavery said.

"We have got to come up with policies that are distinct from the Tories and Mr Miliband has shown today that he is starting to listen to people who are really suffering."

The Labour leader was also praised by trade union leaders.

But left economists urged Mr Miliband to go one step further to end the excesses of gas and electric firms by taking the entire industry into public ownership.

"What we heard today from Ed Miliband is the evolution of a more regulated capitalism," said Left Economics Advisory Panel co-ordinator Andrew Fisher.

"People will benefit from a freeze in energy prices and tougher regulation of the energy companies but our argument must be that energy is an essential good, necessary for all and owned by all.

"This is a step forward as it is a recognition that the energy companies are ripping people off and this must change.

"We must now step up the arguments for public ownership for better and sustained benefits for us all."

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