Oral Answers to Questions

Debate between Mark Harper and Kwasi Kwarteng

Tuesday 11th October 2022 Commons Chamber

[Kwasi Kwarteng]

My hon. Friend the Financial Secretary to the Treasury and I are engaged with all the regulators, particularly the Prudential Regulation Authority, and we will be absolutely committed to getting to the bottom of what has happened, particularly in the long-dated gilt market, which has been over-levered in the past few weeks.

[Mr Mark Harper (Forest of Dean) (Con)]

T9. The Chancellor has said that he will set out a fully costed plan to get debt falling as a proportion of GDP, and he has confirmed at the Dispatch Box that that will be done in just under three weeks’ time. This morning’s Institute for Fiscal Studies report suggested that in order to do so, there will need to be fiscal tightening of around £62 billion over the next four years. Does the Chancellor agree with that analysis? If, as I suspect is the case, he does not, will he set out why not?

[Kwasi Kwarteng]

As I have said repeatedly, I am not going to prejudge what is in the medium-term fiscal plan, which will be fully scrutinised not only by the OBR but, I am sure, by my right hon. Friend. I do not think that it is right for me to prejudge or anticipate those measures today.

Gas Prices and Energy Suppliers

Debate between Mark Harper and Kwasi Kwarteng

Thursday 23rd September 2021 Commons Chamber

[Kwasi Kwarteng]

Obviously, as usual, the right hon. Gentleman raises a number of issues. We have not been complacent. The whole point about the supplier of last resort process, which was interrogated last year, is that it is an organised, well-established process that can allow existing strong companies to absorb customers and failure. [Interruption.] If he would desist from chuntering from a sedentary position, he might actually hear my answer.

I remember the letter last year. We interrogated, all through the covid process, the systems we had in place. During that period, the supplier of last resort was found to work. So far this year, it has been found to work, so I am not going to try to talk ourselves into exacerbating the crisis.

With regard to the special administration regime, that is something that is in place. Thankfully, we have not had to use that, but the right hon. Gentleman knows as well as many people in this House that it is there should the case arise.

With respect to universal credit, I will say what I said earlier in the week. That is a matter across Government in terms of budgetary responsibility. There will be a Budget at the end of October and there will be plenty of time to discuss that then.

[Mr Mark Harper (Forest of Dean) (Con)]

May I press the Business Secretary a little on the Government assumptions on pricing? In his evidence to the Business, Energy and Industrial Strategy Committee yesterday, the head of Ofgem appeared to suggest that he expected these high prices to continue for some time. I accept that the Government do not have a crystal ball, but in making policy choices the Government must be making some assumptions about what they think is the most likely path for prices. Can the Business Secretary set those out for the House please?

[Kwasi Kwarteng]

As I have said repeatedly, I do not have a crystal ball, as my right hon. Friend has suggested, and I do not make predictions about the price but clearly, we prepare for every eventuality. The biggest help for consumers and customers at this current time is the energy price cap, which I have repeatedly stated is staying in place.

UK Gas Market

Debate between Mark Harper and Kwasi Kwarteng

Monday 20th September 2021 Commons Chamber

[Kwasi Kwarteng]

As I said to one of the hon. Lady’s colleagues, I am not here to re-fight the 2016 battle of Brexit; it should be accepted, in her case with good grace. We have moved on from the Brexit debate, and I am extremely focused on ensuring security of supply and ensuring that vulnerable customers are protected from undue increases in the price of gas.

[Mr Mark Harper (Forest of Dean) (Con)]

May I just take the Secretary of State back to his statement, where he said he is going to be making a joint statement with Ofgem this afternoon? Assuming that that has in it some announcements that he has not covered in his statement just now, may I ask for an assurance as to when he is going to come to the House to update us? Perhaps Mr Speaker could arrange for that statement to take place tonight at 10 pm, so that we can question the Secretary of State. I ask that because, as he will know, 15% of energy consumers are off the gas grid, with a bigger proportion in constituencies such as mine. They do not benefit from the price cap, so will he set out at the Dispatch Box for those local consumers of mine in the Forest of Dean how he is going to be helping them with this very significant rise in gas prices?

[Kwasi Kwarteng]

I cannot make any assurances of that kind to my right hon. Friend. As a former Chief Whip, he knows the practices of this House very well. In fact, I seem to recall that in those coalition days we frequently made statements, not necessarily on the Floor of this House. I would be very happy to update him. I do not think—[Interruption.] I have a different memory of it, but we can discuss that later. I would be happy to talk to him about the measures that are being put forward; it is an Ofgem-led thing, but it is also something the Government have worked on—this has been done together.

10-point Plan: Six Months On

Debate between Mark Harper and Kwasi Kwarteng

Tuesday 18th May 2021 Commons Chamber

[Kwasi Kwarteng]

I am delighted that the hon. Gentleman has brought that question up. He will know that I speak regularly to my right hon. Friend the Secretary of State for Northern Ireland and the Minister of State, Northern Ireland Office, my hon. Friend the Member for Worcester (Mr Walker), about investment in Northern Ireland, particularly in relation to net zero. The hon. Gentleman will know about the offshore wind opportunities in Northern Ireland, I am particularly excited about the opportunities for hydrogen, and he will also know about the operation of Wrightbus and its efforts to bring hydrogen into the transportation system. There are exciting opportunities for Northern Ireland in relation to the net zero 10-point plan and I would be happy to discuss them with the hon. Gentleman.

[Mr Mark Harper (Forest of Dean) (Con)]

I listened carefully to what the Secretary of State said about the paper he is going to produce this year on heating buildings and about point 2 of the plan, on the hydrogen strategy. Will he make sure that the plan properly recognises that significant numbers of homes, including in my constituency of Forest of Dean, are not on the gas grid, and that we need solutions that work for the people who live in them so that they can have what they want, which is greener heating for their homes that is affordable and deliverable on the necessary timescale?

[Kwasi Kwarteng]

My right hon. Friend will know that in the United Kingdom we have an extremely diverse range of buildings and dwellings, which means that a one-size-fits-all policy just does not work for energy in the UK. There are lots of ways in which we can decarbonise buildings, which is exactly what will be spelled out in the heat and building strategy and—to a lesser degree, but more focused on hydrogen—in the hydrogen strategy. I would be happy to discuss with my right hon. Friend what we are doing to ensure that his constituents who are off the grid can get cheap, affordable green energy.