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Volume 742: debated on Tuesday 19 December 2023

Inflation has now halved from 11.1% in October 2022 to 4.7% in October 2023, delivering on the Prime Minister’s pledge. This has happened not by accident but as a result of difficult decisions made by the Government and the Bank of England—Government decisions that were opposed every step of the way by the Labour party.

Thank you for calling me to ask a question while I catch my breath, Mr Speaker!

A major component of inflation over this past year has, of course, been the energy price shock. What are the Government doing to ensure the continued expansion of renewable energy so that we have greater energy security, and so that we are more resilient in the face of energy price shocks from overseas?

My right hon. Friend is right, and she nailed the delivery of her question while out of breath.

At the autumn statement, the Chancellor announced measures that demonstrate the Government’s ongoing commitment to renewable energy as a priority growth sector essential to our energy security and net zero ambitions. The announcements made include a new investment exemption from the electricity generator levy and a £960 million green industries growth accelerator.