(5 years, 1 month ago)
Commons ChamberI think the hon. Lady misunderstands. Only in the event of a no-deal Brexit would we incur any of the additional declaration costs described here. This is not a tax; these are the administrative costs associated with a change in the country’s trading position.
Does my hon. Friend agree that there will be extremely serious impacts on exports? We have been trying to promote exports for many years, given that we have such a large trade deficit, but the fact that 60% of our exports to the EU will now incur tariffs will be a real problem for our exporters—particularly of ceramics in my area, but also for exporters in many other areas. What does he say to that?
(7 years, 11 months ago)
Commons ChamberNational Grid’s electricity capacity report for this year was published in July and includes a forward look on electricity security. Through competitive capacity auctions, we have already secured capacity from 2018-19 to 2020-21, and in January we will hold a further auction to secure capacity for 2017-18. Our most recent gas security analysis was published in October and shows that our diverse and flexible gas supply can meet demand even under severe weather conditions.
The importance of substantial gas storage to electricity generation and avoiding damaging price hikes was highlighted by the partial closure of the Rough storage facility. What are the Government doing to tackle the question of increasing gas storage for the future?
That is a proper and important question. Our gas supply arrangements are quite diverse, and we have more than 30% spare gas capacity even on a cold winter’s day. The system has been tested, and has responded well in the past to shocks, including higher than expected demand for heating or power and restrictions to supply infrastructure, but it is certainly something we keep under constant review.
(13 years, 1 month ago)
Commons Chamber6. What steps his Department is taking to support access to lending from credit unions.
10. What steps his Department is taking to support access to lending from credit unions.
Since 2006, the Department has spent more than £100 million through its growth fund to encourage credit unions. In addition, since March this year, a further £11.8 million has been invested. The Department is now conducting a study into how best we can support credit unions and will report shortly.