Sarah Jones (Labour)

The national wealth fund is delivering a key manifesto commitment to set up a Government-backed investor—in some ways like the sovereign wealth funds we see in other countries—that will support the UK’s industrial strategy and economic growth. It will play a central role in our clean power mission by creating jobs in rapidly growing green industries. My role sits across the Department for Business and Trade, where I work on industrial strategy, and this Department, where I work on industrial decarbonisation, so I have a unique vantage point to see the benefits of the national wealth fund and all the opportunities it will bring.

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Sarah Jones (Labour)

I would love to hear more, as I am sure would the Minister for Energy, my hon. Friend the Member for Rutherglen (Michael Shanks). We are committed to all forms of renewable energy if they are economical, which is why we ringfenced tidal in the latest contracts for difference auction, which resulted in six tidal projects being successful, securing up to 28 MW. We continue to look at what more we can do to support this more nascent technology, including the role that GB Energy can play in the future.

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Tim Farron (Liberal Democrat)

Does the Minister agree that it is something of a tragedy that the UK, which is surrounded by the highest tidal range on planet Earth after Canada, uses so little of that for tidal and marine energy? She may agree that the reason is that while the lifetime cost of such schemes is as cheap as chips, the up-front costs are expensive. Could the national wealth fund ensure that we can build things—for example, in Morecambe Bay—that will generate secure renewable energy for all our lifetimes?

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