Oral Answers to Questions

Debate between Deidre Brock and Andrea Leadsom

Thursday 14th July 2016 Commons Chamber

[Deidre Brock (Edinburgh North and Leith) (SNP)]

20. What assessment she has made of the potential effect of the outcome of the EU referendum on levels of overseas investment in the UK energy sector.

[The Minister of State, Department of Energy and Climate Change (Andrea Leadsom)]

The Government have engaged extensively with investors since the EU referendum, sending a clear message that the UK remains open for investment and business. I am very clear that the UK is an attractive environment for investment in energy. My Department will continue to take the steps needed to deliver secure, affordable and clean energy for families and businesses across the UK.

--- Later in debate ---

[Andrea Leadsom]

I believe that we will see huge opportunities in leaving the European Union. As is always the case in the United Kingdom, we will take great steps to ensure business confidence and ensure that those who have invested in this country will be able to use our very sound contract law and investor base to be able to continue to fruition with their projects.

[Deidre Brock]

I am sure the Minister will agree that the EU exit vote has caused uncertainty. I am sure that this new and slightly unexpected Government, with the paint still drying on the signs, will want to boost investment and development in the energy sector. Will the Minister tell us how the Government will create incentives for investment and boost consumer confidence?

[Andrea Leadsom]

I think the hon. Lady will accept that my concern about investor confidence led to a very significant move on my own part to make sure that we had certainty in the UK. The new Government will absolutely be keen to reassure investors and to make sure that this remains a very strong place to invest.