Energy Bill [Lords]

Debate between John Penrose and Grant Shapps

2nd reading
Tuesday 9th May 2023 Commons Chamber

[Grant Shapps]

Thank you, Madam Deputy Speaker. This does go back a little way, so it is worth reminding the House that we have gone from 14% of homes being A to C—energy secure, essentially—to 47%. Energy company obligation plans were put in place and plans 1, 2, 3 and 4—[Interruption.] The shadow Secretary of State is chuntering along, saying they are not going very well, but I have just explained that nearly half of homes have now been greened up. Primarily, it is social homes that have been taken to that level, so I am very interested and concerned to understand why her own local authority has yet to follow some of those plans, and I look forward to its getting on with the job with all the money being made available to do that. She is absolutely right—I actually agree with her—about the energy producers. That is why we have taxed them at a punitive 75%, and we have handed those billions of pounds to her constituents and businesses, paying roughly half of the typical energy bill in this country.

In addition to the measures already contained in the Bill, we will go even further. Following on from the “Powering up Britain” plan, we will table four sets of amendments to achieve these goals. First, we will amend the Bill to provide Great British Nuclear, a new flagship body, with the power to enable nuclear projects and support the UK’s nuclear industry with a specific role to support Government in rebuilding our civil nuclear industry. I am delighted that my hon. Friend the Member for West Aberdeenshire and Kincardine is our country’s first Minister for nuclear in relation to that plan.

[John Penrose (Weston-super-Mare) (Con)]

I compliment the Secretary of State on bringing forward this huge, much-needed and excellent Bill. I want to take him back to his point about the Secretary of State’s and other Ministers’ powers of intervention. The scale of investment that these plans will rightly require in whole swathes of the new technologies to be introduced will be vast; a vast amount of cash will be required to be invested not only in the UK, but internationally. Reducing the cost of that investment is essential, and reducing the uncertainty and risk of political intervention will make a dramatic difference to both the efficiency of that investment and the productivity of our economy. Will he please commit to making sure that we improve the regulatory certainty—the legal certainty—in which all those investments will be made by reducing the opportunity for politicians to meddle, be they on our side of the House or those, I hope at some very distant future date, on the other side of the House?

[Grant Shapps]

My hon. Friend is absolutely right. Yes, I provide that commitment—the Bill attempts to do exactly that in some of the ways I am about to describe—and he is absolutely right about lowering the costs by lowering the uncertainty for investors as well.