Sammy Wilson
Main Page: Sammy Wilson (Democratic Unionist Party - East Antrim)(1 year, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Graham Stuart
I am grateful to my hon. Friend and I would be delighted to have that meeting. As I say, as part of the green finance strategy, about which I had a cross-Whitehall ministerial meeting just this morning, we are determined to make sure that this is the most investable place on earth for the net zero transition and the best place for companies to build businesses, including gigafactories.
Sammy Wilson (East Antrim) (DUP)
The announcement today is a tragedy for those who have jobs in this company and those who were looking forward to having jobs there in future. It is also a hammer blow to the Government’s levelling up policy. The support for this company seems to have been driven more by the desire, in the words of the former Prime Minister, to be
“at the helm of the global green industry”
than a robust economic case. Is the Minister concerned that the company mentioned ballooning energy costs? BMW is moving its production of the Mini to China because it can get cheap energy there. How many more jobs will be sacrificed on the altar of a high energy cost net zero policy?
Graham Stuart
I thank the right hon. Gentleman for his question and his consistency, but if he looks at energy costs at the moment he will find that it is the sky-high prices of fossil fuels that are causing the problems. There is consensus across the House, of which he is not quite a part, that renewables and the Government policy of building them at scale are bringing the lowest cost energy to the grid. The contract for difference companies are paying hundreds of millions of pounds into subsidised bills because under the CfD mechanism, while they were guaranteed a figure with high prices that are driven by gas prices, they are now contributing and lowering bills. It is precisely more renewables and more green energy that we need in order to have a more affordable grid for our industry and our residents.