L

Lord Fuller (Con)

Speaking in the House of Lords on 17 September 2025

Debate

Planning and Infrastructure Bill

Contribution

I thank the noble Lord. He makes a point that I missed when I turned a page in my notes. Essentially, we are creating financial instruments with muddy wellingtons attached. We need to think about that balance as we contemplate how the Bill will work in practice, with those 80-year requirements to keep and maintain these projects contemplated by the EDP. It needs a change of thought. Certainly, international accounting standards will be at the front of our mind. This is the sort of question that actuaries at life insurance companies are employed to handle. They know that they have a liability and what sum of money is needed up front to deal with it. That is not contemplated at all in Clause 59. It needs to be. That is the point I am trying to make. The state cannot do it itself—it needs a flow of private money coming into this space to benefit nature, but one that has its feet on the ground and where the numbers add up.

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