Euro MP takes up whistleblowers concerns in Europe

Gas rip off whistleblower Seth Freedman who on Monday made allegations of extensive manipulation in Britain’s £300bn wholesale gas market, has brought his concerns to the attention of the European Union and met with Labour Euro MP Arlene McCarthy, Vice Chairwoman of the European Parliament’s Economic & Monetary Affairs committee.

Following her meeting with Seth Freedman, local Euro MP Arlene said: "I have written to Ofgem to ask why they did not initiate immediate emergency measures when made aware of the alleged manipulation and what action will be taken. I have also asked why they have not implemented the EU law that would allow them to prosecute those manipulating prices. Gas and other commodities such as electricity are an essential public good and should be properly regulated. 

"It is not acceptable that on account of this manipulation, UK consumers are now facing gas bills of up to 50% higher. The Government should implement the EU law sooner rather than later and give the regulators the tools to tackle this abusive behaviour. 

“The FSA must also take action on market abuse but as UK gas is the benchmark for gas traded at EU level I have written to European Commissioners Almunia and Barnier asking them to take urgent action on cartels and price-fixing and introduce tough rules on the setting of benchmarks and indices in the commodities markets.”

Ms McCarthy has been leading the European Parliament’s calls for tougher EU laws to combat market abuse following the Libor scandal. This latest scandal in the commodities markets is seen as 'another Libor'.