Question to the Department for Energy Security & Net Zero:

To ask His Majesty's Government how many years of oil reserves remain available for extraction in (1) the UK, and (2) the UK Continental Shelf, at current rates of consumption.

Answered by Lord Whitehead

The North Sea Transition Authority’s latest production projections, published in February 2026, indicate that the UK Continental Shelf could produce around 2.2 billion barrels of oil (bnbbl) between 2026 and 2050.

This is equivalent to around five years of UK oil consumption, based on final consumption of petroleum products in 2024. 80-90% of UK crude is exported to be refined abroad, as UK refineries are not set up to process its particular chemical characteristics.

The NSTA’s October 2025 reserves and resources report estimates around 2.0 bnbbl remaining in technically and commercially viable oil reserves.

Question to the Department for Energy Security & Net Zero:

To ask His Majesty's Government how many levies are currently charged, directly or indirectly, to domestic energy consumers as a result of environmental or net-zero policies; and what is each levy expected to cost consumers in the current financial year.

Answered by Lord Whitehead

The Renewables Obligation, Feed-in Tariff scheme, CfDs, Green Gas Levy and Nuclear RAB fund investment into home grown clean energy and account for 5% of the current price cap for a typical dual-fuel household.

Independent research that confirms that renewables can drive down electricity prices, already having reduced wholesale electricity prices by up to a quarter - or around £25/MWh - in 2024.

Over this parliament, we are working relentlessly to translate the much cheaper wholesale costs of clean power into lower bills for consumers: the transfer of the RO costs to public expenditure is a significant step towards rebalancing levies away from electricity.

The actions we took at the Budget, which has taken an average £150 of costs off energy bills, is now factored into bills for the years to come.

Question to the Department for Energy Security & Net Zero:

To ask His Majesty's Government what is the (1) number, (2) nature, and (3) estimated cost, of any additional environmental or net zero-related levies that they plan to charge to domestic consumers over the next (a) five, and (b) ten, years.

Answered by Lord Whitehead

Instability in the Middle East has shown that Britain’s reliance on international fossil fuel markets leaves families and businesses exposed to volatile gas prices. Levies play an important role in getting the country the clean power we need to protect consumers from this volatility.

The scale of future levies will depend on future policy decisions. The transfer of 75% of domestic Renewables Obligation costs to public expenditure is a significant step towards rebalancing levies away from electricity as part of the actions we took at the Budget, which have taken an average £150 of costs off household energy bills and are now factored into bills for the years to come.

The government will continue to explore ways to lower energy bills for consumers and reduce barriers for consumers to adopt clean technologies. Any further changes will only be done in a way which is fair to consumers.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the contribution of (1) defence, (2) advanced manufacturing, and (3) artificial intelligence, to improving the United Kingdom’s long-term economic growth prospects.

Answered by Lord Livermore

The Office for Budget Responsibility produces its forecasts independently and is responsible for the assumptions underpinning them.

The Government is committed to increasing the UK's long-term growth potential.

The Government’s strategy to boost growth and improve productivity has been guided by three principles: restoring economic stability, increasing investment, and reforming the economy to remove barriers to growth.

We have made significant progress, including through implementing the Planning and Infrastructure Act and are backing businesses by delivering the modern Industrial Strategy. We have also introduced reforms to unlock private sector investment, including through legislative changes to the pensions system, and to strengthen the UK's skills base, such as by introducing the Growth and Skills Levy.

Last year, RTI-based productivity growth was 2.2 per cent, the fastest calendar year rate outside the pandemic in more than a decade. Whole economy investment has risen to 5.6% above its level at the start of this Parliament.

In the 2026 Mais Lecture, the Chancellor set out how the Government is going even further on this agenda with three big choices: empowering regional growth, embracing AI & innovation, and establishing a closer relationship with the EU.

Question to the HM Treasury:

To ask His Majesty's Government what reforms they anticipate will increase the UK’s long-term productivity growth above the assumptions used by the Office for Budget Responsibility's Economic and Fiscal Outlook, published on 3 March; and by how much they expect each reform to contribute.

Answered by Lord Livermore

The Office for Budget Responsibility (OBR) produces its forecasts independently and is responsible for the assumptions underpinning them.

The OBR’s March forecast incorporates the impacts of government policies announced to date, including impacts on the supply side of the economy, where these meet relevant OBR criteria.

The government is committed to going further to deliver higher growth in the long term.

We have set out a strategy centred on economic stability, boosting public and private investment, and supply-side reform to raise productivity. This includes reforms such as the Planning and Infrastructure Act, the Industrial Strategy, pensions reforms to unlock investment, and the Growth and Skills Levy.

In her 2026 Mais Lecture, the Chancellor also set out three further priorities for raising the UK's long-term growth potential: empowering regional growth, embracing AI and innovation, and establishing a closer relationship with the European Union.

Question to the HM Treasury:

To ask His Majesty's Government what steps they intend to take to increase the United Kingdom’s trend rate of economic growth above the Office for Budget Responsibility’s central forecast.

Answered by Lord Livermore

The Office for Budget Responsibility produces its forecasts independently and is responsible for the assumptions underpinning them.

The Government is committed to increasing the UK's long-term growth potential.

The Government’s strategy to boost growth and improve productivity has been guided by three principles: restoring economic stability, increasing investment, and reforming the economy to remove barriers to growth.

We have made significant progress, including through implementing the Planning and Infrastructure Act and are backing businesses by delivering the modern Industrial Strategy. We have also introduced reforms to unlock private sector investment, including through legislative changes to the pensions system, and to strengthen the UK's skills base, such as by introducing the Growth and Skills Levy.

Last year, RTI-based productivity growth was 2.2 per cent, the fastest calendar year rate outside the pandemic in more than a decade. Whole economy investment has risen to 5.6% above its level at the start of this Parliament.

In the 2026 Mais Lecture, the Chancellor set out how the Government is going even further on this agenda with three big choices: empowering regional growth, embracing AI & innovation, and establishing a closer relationship with the EU.

Question to the HM Treasury:

To ask His Majesty's Government what estimate they have made of the contribution that accelerated infrastructure delivery could make to increasing the United Kingdom’s long-term growth rate above the Office for Budget Responsibility’s forecast.

Answered by Lord Livermore

The Office for Budget Responsibility produces its forecasts independently and is responsible for the assumptions underpinning them.

The Government is committed to increasing the UK's long-term growth potential.

The Government’s strategy to boost growth and improve productivity has been guided by three principles: restoring economic stability, increasing investment, and reforming the economy to remove barriers to growth.

We have made significant progress, including through implementing the Planning and Infrastructure Act and are backing businesses by delivering the modern Industrial Strategy. We have also introduced reforms to unlock private sector investment, including through legislative changes to the pensions system, and to strengthen the UK's skills base, such as by introducing the Growth and Skills Levy.

Last year, RTI-based productivity growth was 2.2 per cent, the fastest calendar year rate outside the pandemic in more than a decade. Whole economy investment has risen to 5.6% above its level at the start of this Parliament.

In the 2026 Mais Lecture, the Chancellor set out how the Government is going even further on this agenda with three big choices: empowering regional growth, embracing AI & innovation, and establishing a closer relationship with the EU.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the Office for Budget Responsibility’s assumptions on UK productivity growth; and what steps they intend to take to increase productivity over the next decade.

Answered by Lord Livermore

The Office for Budget Responsibility produces its forecasts independently and is responsible for the assumptions underpinning them.

The Government is committed to increasing the UK's long-term growth potential.

The Government’s strategy to boost growth and improve productivity has been guided by three principles: restoring economic stability, increasing investment, and reforming the economy to remove barriers to growth.

We have made significant progress, including through implementing the Planning and Infrastructure Act and are backing businesses by delivering the modern Industrial Strategy. We have also introduced reforms to unlock private sector investment, including through legislative changes to the pensions system, and to strengthen the UK's skills base, such as by introducing the Growth and Skills Levy.

Last year, RTI-based productivity growth was 2.2 per cent, the fastest calendar year rate outside the pandemic in more than a decade. Whole economy investment has risen to 5.6% above its level at the start of this Parliament.

In the 2026 Mais Lecture, the Chancellor set out how the Government is going even further on this agenda with three big choices: empowering regional growth, embracing AI & innovation, and establishing a closer relationship with the EU.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the barriers to business investment identified in the Office for Budget Responsibility’s Economic and Fiscal Outlook, published on 3 March.

Answered by Lord Livermore

The Office for Budget Responsibility produces its forecasts independently and is responsible for the assumptions underpinning them.

The Government is committed to increasing the UK's long-term growth potential.

The Government’s strategy to boost growth and improve productivity has been guided by three principles: restoring economic stability, increasing investment, and reforming the economy to remove barriers to growth.

We have made significant progress, including through implementing the Planning and Infrastructure Act and are backing businesses by delivering the modern Industrial Strategy. We have also introduced reforms to unlock private sector investment, including through legislative changes to the pensions system, and to strengthen the UK's skills base, such as by introducing the Growth and Skills Levy.

Last year, RTI-based productivity growth was 2.2 per cent, the fastest calendar year rate outside the pandemic in more than a decade. Whole economy investment has risen to 5.6% above its level at the start of this Parliament.

In the 2026 Mais Lecture, the Chancellor set out how the Government is going even further on this agenda with three big choices: empowering regional growth, embracing AI & innovation, and establishing a closer relationship with the EU.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of skills shortages on the Office for Budget Responsibility’s medium-term growth forecast.

Answered by Lord Livermore

The Office for Budget Responsibility produces its forecasts independently and is responsible for the assumptions underpinning them.

The Government is committed to increasing the UK's long-term growth potential.

The Government’s strategy to boost growth and improve productivity has been guided by three principles: restoring economic stability, increasing investment, and reforming the economy to remove barriers to growth.

We have made significant progress, including through implementing the Planning and Infrastructure Act and are backing businesses by delivering the modern Industrial Strategy. We have also introduced reforms to unlock private sector investment, including through legislative changes to the pensions system, and to strengthen the UK's skills base, such as by introducing the Growth and Skills Levy.

Last year, RTI-based productivity growth was 2.2 per cent, the fastest calendar year rate outside the pandemic in more than a decade. Whole economy investment has risen to 5.6% above its level at the start of this Parliament.

In the 2026 Mais Lecture, the Chancellor set out how the Government is going even further on this agenda with three big choices: empowering regional growth, embracing AI & innovation, and establishing a closer relationship with the EU.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the report by the Office for Budget Responsibility Fiscal risks and sustainability, published on 7 July, in particular its conclusion that the current trajectory for public debt is unsustainable over the long term; and what steps they intend to take in response.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Office for Budget Responsibility’s Fiscal Risks and Sustainability Report (FRS) 2026 confirms the need to boost growth and maintain sustainable public finances. A written ministerial statement (HLWS199) was published on 7 July alongside the publication of the FRS, setting out the actions the government is taking to reduce the deficit and ensure long-term sustainability.^[1]

^[1] https://questions-statements.parliament.uk/written-statements/detail/2026-07-07/hlws199 UK Parliament, 7 July 2026.

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