Transatlantic Trade and Investment Partnership
Debate between Mark Reckless and Matt Hancock(9 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text
The Minister for Business and Enterprise (Matthew Hancock)
It is a pleasure to respond to this crucial debate on TTIP. We must set the debate in the context of Britain’s great trading history, from the wool trade of the middle ages and the spice routes of the 17th century to the Pax Britannica in Victorian times, which saw the Navy deployed to keep the lanes of trade open around the world. As a nation, we are deeply committed to free and fair exchange, and with remarkably few exceptions that was the consensus in today’s debate. With the abolition of the corn laws by a Conservative Prime Minister, we were the first country in the world to open ourselves up to foreign competition. Peel knew that one tackles the cost of living not by fixing markets but by setting them free, and that is a lesson that holds true today.
Mark Reckless (Rochester and Strood) (UKIP)
Is—[Interruption.] Is TTIP really about setting markets free, or is it about having a single regulatory system across the Atlantic whereby people will be forbidden from selling things unless they comply with those regulations?
Energy Policy and Living Standards
Debate between Mark Reckless and Matt Hancock(9 years, 7 months ago)
Westminster HallRead Full debate Read Hansard Text
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The Minister of State, Department of Energy and Climate Change (Matthew Hancock)
I congratulate the hon. Member for Clacton (Douglas Carswell) on securing the debate and on choosing energy as the subject for his first Westminster Hall debate in his new iteration in this Parliament. My central response to his argument is that it is important to look at the facts and have a rational debate about the matter. Central to his big-picture hypothesis was the argument that energy costs have been rising since the early 2000s, before which they had gradually declined. He went on to say that wholesale costs were falling as a proportion of the total cost. However, the wholesale price has risen sharply during that period, and the wholesale price—the amount that is beyond the control of any Government—is a central driver of energy costs. Without acknowledging that core fact, it is difficult to have a rational debate on the subject, which I think we would all value.
Mark Reckless
The Minister says that the price is beyond the control of any Government, but Saudi Arabia has had quite a big impact on price by not increasing its oil production, and the US has done likewise by allowing and facilitating exploration for shale gas and oil, which we have held back so badly in this country.
Matthew Hancock
Nobody has direct control over wholesale costs, although I entirely take the point that Government policy that has an impact on the supply of energy, particularly hydrocarbon energy, can have an impact on price. I share the hon. Gentleman’s enthusiasm for shale, and the Government’s proposals will ensure that exploration for shale gas can happen as long as it is done carefully and within a regulatory framework that ensures that it is safe. I hope that he, his colleague the hon. Member for Clacton and all colleagues in his new party will support the local extraction of shale gas; his view is not shared by members of his party across the country. I welcome the support of the new establishment party for shale gas.
It is absolutely essential to ensure that we have security of supply at the lowest possible cost, while living within our international climate obligations. Perhaps there is a point of difference, because the risk of climate change is real and must be taken seriously, but the question is how we deliver on that in the lowest-cost way. On that, I think that the hon. Member for Clacton and I share some analysis. For instance, ensuring that taxes remain as low as possible is an important element of the Government’s programme. Even with the incredible deficit that we inherited, we have managed to keep petrol and diesel prices 20p lower than they would have otherwise have been. I pay tribute to my hon. Friend the Member for Harlow (Robert Halfon) for the work he has done on that, which is widely recognised. As oil prices fall, I support him in the call for those reductions to be passed on to the motorist at the pump now, not later. The work that he has done, including on the front page of today’s Sun, is an important contribution to this debate.