Energy Markets

Martin Vickers Excerpts

Thursday 5th March 2026 Commons Chamber

[Ed Miliband]

I thank my hon. Friend for his excellent questions. On the first point, he is absolutely right. I spoke to my counterpart, the Qatari Energy Minister, and it was the attacks on Qatar’s LNG terminals, and understandable fears for their workforce as a result of indiscriminate Iranian attacks, that led him to make his decisions. Iranian threats to the strait of Hormuz are preventing the passage of shipping, and my hon. Friend is absolutely right to emphasise that point.

I will not speculate on my hon. Friend’s point about how long the conflict will last, but he is right to say that the longer the conflict goes on, the more impact there will be on bill payers and our economy. That is why it is in all our interests for this conflict to come to an end as soon as possible. On his other point, I undertake to keep the House and the Energy Security and Net Zero Committee informed.

[Martin Vickers (Brigg and Immingham) (Con)]

Representing the constituency of Brigg and Immingham as I do, I recognise that the renewable energy sector is attracting investment and jobs into the area. However, I have thousands of people who work in energy-intensive industries, and their jobs are increasingly at risk. As with everything, compromise and balance are important. May I urge the Secretary of State to recognise that the energy costs for industry are crippling many businesses? We must do something to address that.

[Ed Miliband]

I absolutely recognise the challenges that many businesses faced even before the crisis. It is important to say that even before the crisis began, fossil fuel prices were still 40% higher than before Russia invaded Ukraine, and businesses were facing the impacts of that.

We are taking action this April on the supercharger, but that is for only 500 or so of the most energy-intensive businesses. We are also taking action next April on the British industrial competitiveness scheme, which is for 7,000 businesses, but I recognise the point that the hon. Gentleman makes. Just as we are looking across Government at the situation that households face, and working on that, we are looking at the impact on businesses; indeed, I was talking to my colleague the Secretary of State for Business and Trade yesterday.