Andrew Percy
Main Page: Andrew Percy (Conservative - Brigg and Goole)
Mr Davey
I am afraid that the hon. Gentleman is behind the times. We are already acting at both a global and a European level to support work that looks into how benchmarks and price reporting agencies operate, and to check that there is no danger of price manipulation or of rigging the markets in another way. The Government are taking this very seriously. We are working with a number of bodies, including the International Organisation of Securities Commissions, and are operating at EU and G20 level. We are very proactive on this issue.
Andrew Percy (Brigg and Goole) (Con)
My constituents are concerned about why they pay more for a gallon of petrol than those in other parts of the country, so they will welcome the investigation. What is the Secretary of State doing at a European level to ensure that the European Commission does not cut off this country’s access to Canadian oil sands, which has the potential to bring down prices at the pump for everybody?
Mr Davey
The Under-Secretary of State for Transport, my hon. Friend the Member for Lewes (Norman Baker) is actively engaged at the European Council on this. It is a rather more complicated question than my hon. Friend the Member for Brigg and Goole (Andrew Percy) implies. It is not so much about access to our markets, but how those tar oil sands and any fuel produced from them are rated in terms of their carbon content. The debate is complicated, but the UK and my hon. Friend in the Department for Transport are pushing hard to obtain a fair outcome.