Caroline Flint
Main Page: Caroline Flint (Labour - Don Valley)Department Debates - View all Caroline Flint's debates with the HM Treasury
(8 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
If the hon. Lady checks the video, she will find that I was not unsure. I was advising my civil service colleague that I understood that we were doing such regional analysis. We are carrying out regional analysis, which will help to inform the Prime Minister’s negotiating strategy.
Caroline Flint (Don Valley) (Lab)
Does the Chancellor agree that energy efficiency should be a priority for infrastructure development, both nationally and regionally? To that end, will he seriously consider earmarking the proceeds of the shale gas sovereign wealth fund for energy efficiency measures so that we can not only save on bills, but create jobs and encourage innovation?
Mr Hammond
I am not necessarily in favour of earmarking or hypothecation of funds for that specific purpose, but the right hon. Lady makes an important point. We have a serious challenge on this country’s energy capacity over the next 20 years, and we are going to have to invest eye-wateringly large sums of money—perhaps £100 billion—just to ensure that the lights stay on. Of course it makes sense to look at ways of reducing demand for energy through energy conservation measures alongside the demands for new energy generation plants.