As chair of the all-party group on carbon capture, utilisation and storage, the hon. Member will know that the Government have committed £20 billion to support the early development of carbon capture, usage and storage, and up to £500 million for the industrial energy transformation fund to help industry to decarbonise, with phase 3 opening shortly.
I welcome the investment in carbon capture—we just need to get on and make something happen there. Teesside is home to some of the most energy-intensive industries in the country, but instead of attracting more of those industries, including primary steel making, we are seeing plants closed down and jobs lost because investors do not see any industrial strategy from the Government. High energy costs mean that it is cheaper to import many of the goods that until now we have made at home. Why are the Government content to see this managed decline, rather than back the kind of strategy that will protect existing industries and drive investment and job creation?
This Government invest throughout the country with our levelling-up agenda, but we have of course been investing in the steel industry, and we are mindful to ensure that we have the skills that will take us forward for those future requirements.
I call the shadow Minister.
My hon. Friend the Member for Stockton North (Alex Cunningham) was of course absolutely right: we have seen managed decline under this Government, with no coherent industrial strategy, total failure to get the grid connected where we need it, and different Departments giving mixed messages and providing complicated processes to access any support.
On top of all that, our industry has to pay twice as much on its energy bills compared with European competitors. A recent report by UK Steel stated that our steel producers have to pay £117 million more per year on electricity, forcing the Government to deliver a subsidy through the supercharger, which in turn raises bills for everybody else. Instead of such short-term policies, is it time for Labour’s industrial strategy, Labour’s grid reform and Labour’s mission to become a clean energy superpower, so that we can permanently cut bills for everyone, grow our economy and give Britain its future back?
This Government have demonstrated our commitment to help across the domestic and non-domestic sectors. However, we also recognise the vital role that the steel sector plays in our economy. In fact, the 2021 net zero strategy reaffirms our commitment to continue to work with the steel industry on decarbonisation.