Gross Value Added

Lord Geddes Excerpts

Wednesday 13th January 2016 Lords Chamber

[Lord Ashton of Hyde]

My Lords, I think we should take a more positive view and work out what we are going to do about it. Certainly in Wales, there is plenty that the Government are doing. For example, capital spend is increasing by £900 million over this Parliament. Infrastructure investment through the block grant in this Parliament will rise by just under 17%, and among other things we would like Cardiff to agree to a city deal which will help its economic growth.

[Lord Geddes (Con)]

Does my noble friend agree that the economy of Wales would be greatly improved if the Severn barrage project went ahead? What progress has been made on that?

[Lord Ashton of Hyde]

I believe that my noble friend has raised this point before. I am not sure that I can make much more progress, except to say that the Government have started a due diligence process on this project. But it is very important to work out the cost-benefit analysis of tidal lagoon energy. This is an ongoing process. It is important that we understand the costs of this project and the technology in detail, particularly in the broader context of energy needs and prices, and availability.