Energy Prices: Support for Business

Ben Spencer Excerpts

Thursday 22nd September 2022 Commons Chamber

[Mr Rees-Mogg]

This proposal will help all non-domestic users, with the only exception being the gas-powered electricity generation operators, which will not get the subsidy for their electricity generation. All other non-domestic outlets will benefit.

[Dr Ben Spencer (Runnymede and Weybridge) (Con)]

I welcome this package, which will provide support to businesses and safeguard jobs in my constituency. The current situation is exacerbated by an energy market that does not work and the need for further investment in nuclear and renewables—I am glad that the Government are consulting on the former and investing in the latter. Does my right hon. Friend agree that public and private investment is needed, along with a functioning energy market, to ensure that we never have to face this situation again?

[Mr Rees-Mogg]

Yes, my hon. Friend is absolutely right; we need a better functioning energy market. There are real difficulties with the liquidity in the futures market at the moment. He is also right to say that we need a further and faster roll-out of nuclear energy, which is being worked on, and that offshore wind, which is going at a rapid pace, continues to be a major and growing source of energy within this country.