Contracts for Difference

Bill Esterson Excerpts

Tuesday 3rd September 2024 Commons Chamber

[Ed Miliband]

I shall address this question at a more general level, for reasons the right hon. Gentleman might understand. I think we should be looking at all proposals that can maximise energy security. He is talking about the Xlinks proposal. I am obviously aware of that proposal, and know that we need to look at it in the broadest way. My view has always been that we need every source of power available, which is why I embrace nuclear, onshore wind, offshore wind, solar, tidal, carbon capture and storage—[Interruption.] And absolutely, as the right hon. Gentleman says from a sedentary position, oil and gas also have a crucial role in the transition.

[Bill Esterson (Sefton Central) (Lab)]

My right hon. Friend is correct that clean energy is by far the cheapest way to power the UK, as confirmed by industry bodies today in welcoming his announcement, but there will be intense international competition for investment. How does he foresee ensuring that we have the competitive advantage in attracting that investment for years to come?

[Ed Miliband]

Again, my hon. Friend speaks with great expertise. Part of it is about is having a Government who are committed to a proper industrial strategy and have the levers to make that strategy happen. There was an interesting divide between the Opposition, when they were in government, and us. Although, of course, America is a different-sized country from us, we see the Inflation Reduction Act as offering real lessons to us about how we can lever in private investment. We will not be able to do it on the scale of that Act, but these interventions can make a difference. There is also this crucial point: we care where the manufacturing happens, and we are determined to make sure that it happens in the UK.