Economic Update

Andrew Jones Excerpts

Thursday 3rd February 2022 Commons Chamber

[Rishi Sunak]

I am grateful for my hon. Friend’s support, and I am glad that this announcement will provide some reassurance to his constituents, who I know would be worried about the cost of living. I have heard warm noises about his fusion project from my right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy. We announced, I think, £120 million for advanced nuclear technologies in the spending review, and there is no doubt that there is a productive conversation to be had about how we allocate that money to projects such as his.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

I thank my right hon. Friend for today’s statement, and for confirming that this significant £9 billion package is going to be targeted at those who need help most. He also highlighted that 80% of cost increases are coming from the global wholesale price increase, so is he going to continue his focus on trying to insulate the UK as much as possible from those global price fluctuations, increasing our energy security, boosting domestic production and ensuring that our energy supply is diverse in nature, sustainable for the future and significant in scale?

[Rishi Sunak]

My hon. Friend is absolutely right. It is important that we have diversity of supply: that is what we are doing, whether through offshore wind, nuclear, carbon capture and storage, or exploiting domestic gas. We are doing all those things to build diversity of supply for our security. My hon. Friend is right to highlight that, in the long term, that is the right policy for British customers.