Julian Lewis
Main Page: Julian Lewis (Conservative - New Forest East)Department Debates - View all Julian Lewis's debates with the HM Treasury
(1 day, 7 hours ago)
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Rachel Reeves
My hon. Friend knows what she is talking about, not least because she is the MP for Great Grimsby and Cleethorpes, but also as a result of her previous career before taking her seat at the last election. There are two ways in which people will benefit. The first is in the short term, through the higher electricity generator levy. We have increased the rate from 45% to 55%, which will bring in money this year that can help us as a Government to relieve some of the pressure on families and businesses. We will also use the higher levy to negotiate the contracts for difference at a good price for bill payers and taxpayers so that we get rid of that volatility. I am confident that in the months ahead, while we have the higher electricity generator levy in place, we will be able to negotiate the new contracts and reduce the volatility. Crucially, the reduction in volatility will benefit both households and businesses.
Sir Julian Lewis (New Forest East) (Con)
May I welcome the couple of positive references that the Chancellor made a little while ago to civil nuclear power? Given that we have in this country Rolls-Royce, a world-leading specialist in the design and construction of small modular mobile nuclear reactors, what plans do the Government have to support this particular sector so that we are less dependent on the whims of Iranian dictators in future?
Rachel Reeves
I was really pleased last week to sign with Rolls-Royce the contract for the first fleet of small modular reactors in the UK. They will be located on Anglesey, but they will create jobs for people from Derby to Warrington and from Manchester to Sheffield, and of course in north Wales and on Anglesey itself. We are also working with Rolls-Royce as it looks to secure contracts overseas, as it already has with Czechia, creating more good jobs here in Britain for this exciting new technology, which will also have the benefit of secure, home-grown energy.