Bill Esterson

My hon. Friend is right. The Energy Security and Net Zero Committee looks forward to hearing what John Fingleton has to say, and to the Government’s response to him. Regulatory reform is key. We have to speed up planning and grid connections, which are referred to in the Budget, in order to address the very serious shortfall in grid capacity, and the delays in grid connection. We could probably say the same about generating capacity, too. This country has faced 60 years of lack of investment in our grid networks. The problem was exacerbated when the grid was privatised in 1989, despite the warnings of the then shadow Energy Secretary, Tony Blair, who predicted, entirely accurately, that although the grid was of strategic national importance, it was a natural monopoly and really would not attract the private investment that the Conservative Government claimed it would. We are left trying to catch up. That is one of the reasons—along with delays in renewing our gas fleet, let alone moving to new nuclear and renewables—why we have spent so much money on our energy system, and why bill payers are under so much pressure. It is important to say that we would have these cost pressures regardless of whether we looked to invest in fossil fuels or renewables. I very much welcome the recommitment to the £14.2 billion from the public sector for Sizewell C. That will ensure its success. The Committee wants a fleet approach to large-scale nuclear. There has been very welcome news on a small modular reactor at Wylfa, which will deliver 3,000 jobs. Sizewell C ultimately means that 6 million homes will be powered by cheap, clean electricity. The ongoing investment in the North sea, referred to in the Budget, has been confirmed by the North sea future plan, published this afternoon by the Department for Energy Security and Net Zero. There is strong recognition that we must support North sea oil and gas production, and a strong commitment to doing so. That will be crucial to our energy supply for decades to come, but also crucial to the energy transition, because the same companies who drill for and produce oil and gas provide the engineering expertise in the North sea for offshore wind. I was pleased to see the call for evidence on the fuel sector and refineries, too. This Budget is no return to ABT. Instead, we have trade deals with the EU, India and the US. We have rejected the Truss approach, so fondly supported by Reform and the Conservatives, and instead we want to support reductions in the cost of living, investment in infrastructure, skills and business, and rebuilding the public sector. As the Chancellor said, we want strong foundations and a secure future. She did really well today.