Oral Answers to Questions

Debate between Iain Duncan Smith and Kwasi Kwarteng

Tuesday 22nd February 2022 Commons Chamber

[Sir Iain Duncan Smith (Chingford and Woodford Green) (Con)]

The other day I noticed that the Government said they were going to help and encourage people to invest more in the gas industry and help to produce more, but then I heard a statement contradicting that from my right hon. Friend’s Department. Will my right hon. Friend clarify whether the Government are prepared to see more gas extracted and greater licences?

[Kwasi Kwarteng]

I and my right hon. Friend the Minister for Energy, Clean Growth and Climate Change have been very clear about the course we want to pursue. We do not believe it is the right thing simply to switch off the oil and gas sector. Unlike many Opposition Members, we do not believe in simply an extinction of the oil and gas sector; we think oil and gas is critical not only to energy resilience but to developing new technologies such as carbon capture and blue hydrogen production. We have maintained that position consistently for the nearly three years I have been a Minister in this Department.

Oral Answers to Questions

Debate between Iain Duncan Smith and Kwasi Kwarteng

Tuesday 11th January 2022 Commons Chamber

[Sir Iain Duncan Smith (Chingford and Woodford Green) (Con)]

I point out to the Secretary of State that HSBC, a British-registered bank, is being reported as having invested in Xinjiang Tianye, which is a subsidiary of Xinjiang Production and Construction Corps, which has been sanctioned by our allies the United States for committing atrocity crimes, including slave labour and genocide. Will he call in the bank and ask it to explain itself, as it is in breach of the modern-day slavery rules?

[Kwasi Kwarteng]

My right hon. Friend raises a very serious point. Clearly, HSBC’s dealings with China are of commercial interest to it, but those dealings also have a wider implication. He will know from his experience that the Treasury has direct ownership of that relationship; I am discussing it with my right hon. Friend the Chancellor of the Exchequer.