Barry Gardiner
Main Page: Barry Gardiner (Labour - Brent West)
Mr Davey
First, 57% of the value of this project will go to UK firms, and I hope that the right hon. Gentleman welcomes that. I do not believe that these terms are generous at all. We have had hard negotiations to get them down, and EDF realises that. Some of the benefits of the deal we have negotiated need to be held up in the headlights. There is the construction gain share, so that if the construction costs are lower, the consumer gains. If there is a refinancing by the investors in 10 years’ time from which they make a lot of money, the consumer will gain from that refinancing. That never happened with private finance initiative deals when Labour was in power; rather, the taxpayer lost out. We have the refinancing gain share for the consumer, and I doubt that would have happened if that lot had been in power.
Barry Gardiner (Brent North) (Lab)
How much of the £16 billion of construction costs will the developers of Hinkley Point C be able to offset in tax reliefs and capital allowances? Does the Secretary of State consider it ironic that EDF has insisted on an insurance clause against his own party’s future policy by stipulating that the strike price will rise to reflect any future tax on or shutdown of the industry? While he is at it, will he explain why the strike price for the Flamanville sister plant in France is only £64—some 30% of the £92.50 he has negotiated?
Mr Speaker
I think that the hon. Gentleman should seek an Adjournment debate on the matter; in fact, on reflection, I think he has already had it.