Economic Growth
Debate between Emma Reynolds and Graham Stringer(3Â weeks, 1Â day ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Graham Stringer (Blackley and Middleton South) (Lab)
I strongly agree with the Government’s policy on devolution and better technical and scientific education, but all that will be for nought if we do not do something about the cost of energy. We cannot grow and compete as an economy when we have higher energy costs than our major industrial competitors. We have closed more than half our oil refineries in the past 20 years, which means we are now importing a majority of our energy. Will my right hon. Friend do something about those destructive policies?
Emma Reynolds
My hon. Friend is right to raise this matter. The cost of energy for UK businesses is higher than for those elsewhere. That is why the Business Secretary, working hand in hand with the Treasury, is bearing down on that cost through the British industrial competitiveness scheme, particularly for the industrial strategy’s eight growth sectors—we have done that for automotive, aerospace and other sectors that are key to driving economic growth.