11:31 Jeremy Hunt (Conservative)

The United Kingdom has also been a global leader on climate change, cutting emissions by more than any other G20 country. But with the existential vulnerability we face, now would be the wrong time to step back from our international climate responsibilities, so I also confirm that, despite the economic pressures, we remain fully committed to the historic Glasgow climate pact agreed at COP26, including a 68% reduction in our own emissions by 2030.

Britain is a global leader in renewable energy. Last year, nearly 40% of our electricity came from offshore wind, solar and other renewables. Since 2010, our renewable energy production has grown faster than any other large country in Europe. But we need to go even further, with a major acceleration of home-grown technologies like offshore wind, carbon capture and storage, and, above all, nuclear. This will deliver new jobs, industries and export opportunities, and secure the clean, affordable energy we need to power our future economy and reach net zero. So today I can announce the Government will proceed with the new nuclear power plant at Sizewell C.

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12:24 Rachel Reeves (Labour)

My right hon. Friend understands this extremely well, and he has done very good work with his Committee. This is a national ambition, which means that the Government and every family in the country need to work together to reduce our national energy bill by tens of billions of pounds, to meet our climate change commitments, and to reduce the average bill in this country at today’s prices by nearly £500. It is really worth doing, and we are putting our money where our mouth is with billions of pounds more investment.

The Chancellor mentioned innovation, and a modern steel industry is vital to our future prosperity, so will he earmark the £200 million originally contributed in good faith by steel producers and now returned to the UK Government from the EU research fund for coal and steel to set up a UK steel innovation fund to develop the steel technologies that we need to drive growth and work towards net zero?

The Chancellor’s statement is forcing everybody to pay the price for the puncturing of the economy by his Conservative Government, and I put Brexit very much at the core of the problem. Everybody is paying except the big oil and gas companies, because there are still massive tax loopholes for companies drilling for new fossil fuels. Let me ask him this serious question: who is his statement benefiting—the renewable energy companies or the fossil fuel sector?

The renewable energy companies and people in the traditional energy sector are paying a windfall tax, and as a result, we can have more money for doctors, nurses and people in social care up and down the country. That means that we are investing in the NHS in a way that was not possible when we were in coalition with the Liberal Democrats in 2010.

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