Oral Answers to Questions

Debate between Charles Hendry and John Cryer

Thursday 11th November 2010 Commons Chamber

[Charles Hendry]

My hon. Friend puts his finger on the most crucial issue in the area. This is one of the most important areas where we will be consulting and taking forward policy in the whole of this Parliament. We have to set it at a level that will stimulate investment, without penalising consumers or reducing the commercial advantage of British companies. That is a priority in our work.

[John Cryer (Leyton and Wanstead) (Lab)]

Does the Minister realise that a floor price for carbon that is significantly above the market rate will be seen as a subsidy for the nuclear industry, and how does he justify that?

[Charles Hendry]

This is a mechanism to support investment in all low-carbon technologies. We were left with a mountain to climb—£200 billion of new investment—as a result of the failure to secure enough investment in the past. These are part of the crucial measures required to make sure that international investors see the attraction of investing in Britain.