Energy: Prices and Supply

Baroness Altmann Excerpts

Thursday 14th July 2022 Lords Chamber

[Lord Callanan (Con)]

The noble Lord makes an important point and I completely agree about the importance of nuclear and Sizewell C. Negotiations are continuing; I think it unlikely that there will be an announcement before the House rises.

[Baroness Altmann (Con)]

My Lords, commendably, the Government are trying to shield households from these excessive rises in energy costs. However, will my noble friend consider carefully the excellent point made by our noble friend Lord Howell: that cutting fuel duties could indeed set up a virtuous circle? Given the extent of the rise in fuel costs, households surely need time to transition to this higher-cost environment. A tax cut, as long as it is passed on to bill payers, could assist in that transition.

[Lord Callanan (Con)]

This has of course been a source of considerable debate in the current leadership contest. I am sure that the new Prime Minister and the new or existing Chancellor will want to consider these matters very carefully. As I said, we have already supported households to a massive extent, but given the inevitable rises that are coming down the line later in the year, I am sure the Chancellor will want to look at these matters again.