Energy: Prices and Supply

Lord Teverson Excerpts

Thursday 14th July 2022 Lords Chamber

[Lord Callanan (Con)]

My noble friend is tempting me to say what is understood and is not understood by the Treasury, which is perhaps a road I should not go down. Of course, the point is right. The contribution of energy to the consumer prices index is particularly important, and my noble friend is also correct about the proportion of indirect taxes on energy bills.

[Lord Teverson (LD)]

My Lords, the Conservative manifesto of 2019 stated:

“We will help lower energy bills by investing £9.2 billion in the energy efficiency of homes, schools and hospitals.”


Now that we are over half way through this parliamentary term, exactly how much money has been spent—not planned to be spent—on the energy efficiency of homes and other buildings?

[Lord Callanan (Con)]

Certainly, we are well on the way to that commitment, and this spending review period allocated about £6.6 billion towards those targets. For example, we have spent £471 million to date on the social housing decarbonisation fund and £350 million on the sustainable warmth programme, and we are going out to bids later this year for another £800 million of spending under the social housing decarbonisation fund, so we are making considerable progress.