Oral Answers to Questions

Debate between Paul Beresford and John Lamont

Wednesday 17th May 2023 Commons Chamber

[John Lamont]

The energy profits levy strikes the right balance by funding the cost of living support while encouraging investment in order to bolster UK energy security. The levy is helping to hold down people’s energy bills right across the United Kingdom, including in Scotland, by partly funding one of the most generous cost of living packages in the world, worth around £96 billion or £3,300 per household. The hon. Lady shakes her head, but I know the benefits of the package for households in my constituency, across Scotland and in the rest of the United Kingdom. We want to encourage the reinvestment of the sector’s profits to support the economy, jobs and our energy security, which is why the more investment a firm makes into the UK, the less tax it will pay.

[Sir Paul Beresford (Mole Valley) (Con)]

Does my hon. Friend agree that, although renewable energy provides a considerable proportion of Scottish and UK power, if we are to hit net zero, nuclear power is and will be required to fulfil a large proportion of the additional power demand? Has my hon. Friend had any discussions with the Scottish Government on building nuclear reactors, especially small reactors, in Scotland?

[John Lamont]

I absolutely share my hon. Friend’s belief that nuclear plays an important part in the UK’s energy strategy. This UK Government’s “Powering up Britain” strategy is a blueprint for the future of energy in this country. We will diversify, decarbonise and incentivise new energy production by investing in both renewables and the nuclear sector. By setting Britain on course to greater energy independence, “Powering up Britain” will deliver energy security, of which nuclear will be a key part.