UK Nuclear Energy Programme
Debate between Sheryll Murray and Ed Davey
Mr Davey
I said in my statement that the UK taxpayer can expect to gain £4.5 billion in corporation tax as a result of this, paid for by the investors, but it is even better than that; I have some very good news for the hon. Gentleman. Because we wanted to make sure that these companies could not rearrange their tax affairs after the deal and somehow reduce the tax funds that we were expecting to come to Her Majesty’s Treasury, we undertook a very unusual clause in our deal to make sure that, should they do exotic tax deals to shelter their tax liabilities, the strike price will reflect that and be adjusted downwards. That is how far we have gone to make sure that the taxpayer and the consumer are protected.
Sheryll Murray (South East Cornwall) (Con)
I am sure that my constituents and other people in Cornwall will welcome this because it will stop us having to have another 6,000 wind turbines to generate the same amount of energy. Does my right hon. Friend agree that this will benefit the countryside?
Mr Davey
I was agreeing with a lot of what my hon. Friend said. I say to her and to all right hon. and hon. Members that we need a diverse energy mix. If we go for one form of electricity generation, that is far too risky. We need nuclear; we need renewables in all their shapes, forms and sizes; we need carbon capture and storage; and we need energy efficiency. The electricity security challenge is massive, and we need every aspect. The low-carbon challenge is massive, and we need everything to be low-carbon. Onshore wind has a role to play along with nuclear.