Bill Esterson (Labour)

The vote of confidence by PwC, the upgrading of the growth forecast by the International Monetary Fund and the £63 billion announced at the growth summit are all indications of this Government’s successful plans. Does the Minister agree that they are added to by the clear direction on green investment in energy projects and that that will deliver success for our economy, as well as contributing to our climate targets?

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Torsten Bell (Labour)

We take very seriously the need to protect communities from flooding and to deliver on our commitments on climate in the years ahead. It is important that we consider both principles and that is what the Department for Environment, Food and Rural Affairs and the Department for Energy Security and Net Zero are doing.

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Gareth Davies (Conservative)

May I welcome the Parliamentary Secretary to the Treasury, the hon. Member for Swansea West (Torsten Bell), to his place? The removal of investment allowances from our domestic oil and gas industry is strangling domestic supplies at a time when our storage levels are depleted. Labour’s ideologically driven, unachievable obsession with decarbonising the grid by 2030 might be good news for Chinese renewables manufacturers, but it is bad news for British households. Is it not the case that the only growth that we will see from Labour’s energy policy is in the amount that people pay for their energy bills, or can the Minister stand up now and commit—just as Labour did during the general election campaign—to cutting energy bills by £300?

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