Sammy Wilson
Main Page: Sammy Wilson (Democratic Unionist Party - East Antrim)Department Debates - View all Sammy Wilson's debates with the HM Treasury
(8 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
I am not necessarily in favour of earmarking or hypothecation of funds for that specific purpose, but the right hon. Lady makes an important point. We have a serious challenge on this country’s energy capacity over the next 20 years, and we are going to have to invest eye-wateringly large sums of money—perhaps £100 billion—just to ensure that the lights stay on. Of course it makes sense to look at ways of reducing demand for energy through energy conservation measures alongside the demands for new energy generation plants.
Sammy Wilson (East Antrim) (DUP)
Last week, the Infrastructure Minister in the Northern Ireland Executive announced that a major infrastructure project in Belfast would be stopped because it was unlikely to be completed before we leave the EU so the funding would be lost. Has the Infrastructure Minister had any discussions with the Chancellor about this project, and will the right hon. Gentleman assure the Northern Ireland Executive that any funding gap for any project started before we leave the EU will be bridged by the Treasury?
Mr Hammond
I am not aware of the project to which the hon. Gentleman refers. As far as I am aware, the Northern Ireland Executive has not been in touch with the Treasury about it. We have, in fact, made two announcements. I announced that all projects signed in the normal course of business before the autumn statement would be guaranteed, irrespective of whether they continued to be funded by the EU after our exit. I subsequently made a further statement saying that after the autumn statement any new EU-funded projects would, provided they passed a UK value-for-money and strategic priorities test, get the same guarantee: however long they last, they will be funded by the UK Treasury once EU funding stops.