Future of Financial Services

Diana Johnson Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

Without commenting on specific projects, I think my hon. Friend is right to highlight some of the areas of interest to the Government. On carbon capture and storage, he will that know we have already outlined over £800 million of investment over the next few years to help develop two carbon capture and storage clusters with the private sector. This is something the UK can be world-leading on, and it is important that we move quickly.

[Dame Diana Johnson (Kingston upon Hull North) (Lab) [V]]

As the shadow Chancellor pointed out in her excellent remarks, the United Kingdom, under successive Tory Governments over the past decade, has pumped £6 billion into climate-damaging fossil fuel projects overseas via UK Export Finance. Will the Chancellor now commit to ban this activity immediately and make it a priority to invest in British green energy industries in places such as the Humber estuary and to create the future jobs we need for a real green northern powerhouse?

[Rishi Sunak]

The hon. Lady will know the importance of offshore wind in her area, and she will have welcomed the Prime Minister’s announcements for that sector, including the increase in the amount of domestically manufactured content as we look to build on our advantage as a user of offshore wind to make sure that we also build an advantage in manufacturing the turbines. That is exactly what the hon. Lady is asking for, and this Government are in the process of delivering it.