Economic Update

Brendan Clarke-Smith Excerpts

Thursday 3rd February 2022 Commons Chamber

[Rishi Sunak]

My hon. Friend is exactly right. Some 200,000 jobs are supported in that industry, and as I pointed out earlier, there are £11 billion-worth of projects waiting to get going. I would like to see those projects go ahead, which will be good for the country’s energy security, good for our economy and good for jobs. I know that the Energy Minister and I share that ambition.

[Brendan Clarke-Smith (Bassetlaw) (Con)]

I thank the Chancellor for his statement. My constituents in Bassetlaw will be breathing a sigh of relief at his announcements today, which blow the Opposition’s VAT cut out of the water. The Chancellor mentioned wholesale prices; as we become more self-sufficient and move to renewables and new nuclear, is he able to outline what the Government and the Treasury are doing to tackle this problem at source? May I suggest the excellent step fusion project in Bassetlaw that we are bidding for?

[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.