Ed Miliband MP: speeches

Speeches

• 5 Mar 2026 · Energy Markets · Hansard source

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  The step forward we are taking is to give more help to the energy-intensives, both this April and when we get to help 7,000 businesses next April. However, I acknowledge—as I did to, I think, one of the Conservative Members—that there is further to go on helping businesses. Energy UK and the CBI have formed a joint partnership looking at these issues, and we want to work with them. As always, one challenge is the cost of action, but we recognise the issue that my hon. Friend has raised.

• 5 Mar 2026 · Energy Markets · Hansard source

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  Last week, I said that what the Conservatives were saying about the memo was a whacky internet conspiracy theory, and they said, “No, it isn’t, so why don’t you publish it?”, so I did, and now they have nothing say. Not only did we publish our memo, but I am glad to say that we published the Conservative memo from 2015. What did that show? That we were going to get the Chinese to build nuclear power stations for us, for goodness’ sake. I urge all Members to look at the facts and the evidence, and to learn the right lessons.

• 5 Mar 2026 · Energy Markets · Hansard source

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  My hon. Friend was obviously a precocious five-year-old in 1979, with a great knowledge of and interest in politics. I will not speculate on the last part of his question, but what he said about the indiscriminate Iranian attacks is an important point to underline. The fundamental point he makes about driving forward with renewables, nuclear and all the things that get us off the markets is surely the lesson that we must all learn from this crisis.

• 5 Mar 2026 · Energy Markets · Hansard source

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  An important decision that we took was to extend the warm home discount not only for this winter, but for five years ahead, to give an assurance to 6 million people, including those in my hon. Friend’s constituency, that they would have protection. She speaks so well for the most vulnerable in our society and in her constituency. I reassure her that we know about people’s exposure and continue to look at all the measures that we can take to help them.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I will not speculate on that, but one of the important things that I have emphasised in all the calls I have had and the discussions in my Department is that we must learn the lessons from what was done right in the previous Government’s response to the Russia-Ukraine crisis and also from where there were challenges. That is one of the emphases I have placed on my conversations with our civil servants, businesses and, indeed, international partners. I have heard what the right hon. Lady has said on this issue and will definitely bear it in mind.

• 5 Mar 2026 · Energy Markets · Hansard source

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  My hon. Friend is right to raise the issue of heating oil. As I have said a number of times, it is an important issue and is very much on our radar. On her wider point, she is absolutely right.

• 5 Mar 2026 · Energy Markets · Hansard source

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  The hon. Gentleman speaks with great eloquence on these issues on behalf of his constituents and others. He is absolutely right to say that, in a situation like this, everyone has a responsibility. The Government have a responsibility, and private companies have a responsibility too—he is right to make them aware of that. On the wider question about the impact on families, it is important that the Government are vigilant about the steps we can take to help people.

• 5 Mar 2026 · Energy Markets · Hansard source

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  My hon. Friend makes his point in a very eloquent and amusing way. It is so important to recognise that crises like this show that gambling on low fossil fuel prices is dangerous, because the impacts of geopolitical instability on his constituents and those across the country are so great.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I will tell the hon. Member how much: at the cheapest, about £60 per MWh, which is far cheaper than building new gas. The fundamental point of this statement is that we will carry on with our drive to clean, home-grown power, because that is the right thing for our national interest.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I am glad to hear that my elbow is renewable, and I agree with my hon. Friend that we must be willing to act on behalf of his constituents and others.

• 5 Mar 2026 · Energy Markets · Hansard source

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  Actually, 5 GW, which is really good.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I will answer the hon. Lady’s questions in a moment, but first I say to her that the biggest question for this House and for the country is: do we learn the lessons of these crises? Half the recessions that have happened since the 1970s have been caused by fossil-fuel price spikes. We all face a choice: we can either learn the lessons of those crises and drive towards clean, home-grown power—to be fair, at some points, that used to be the policy of the last Conservative Government—or we can pretend that those lessons do not exist, and we can keep repeating the same mistake. I fear that since the general election, the Conservatives, having already moved halfway from learning that important lesson, have moved away from it fully. That takes me to the answers to the hon. Lady’s questions. On nuclear, we are undertaking the biggest nuclear building programme for half a century. We are doing all the things the last Government promised and never delivered. Where were the Conservatives on Sizewell C? They said that they would have agreement on it in the last Parliament, but they did not; we are doing it. Where were they with small modular reactors? We are actually putting them in place. Yes, we will publish the details of the Fingleton review shortly, and it will be an important step forward in the regulation of our industry that the Conservatives never took. The hon. Lady said that the North sea is an incredibly “important” resource, which is exactly what I said in my statement. We listened to the industry and took a pragmatic approach on tie-back to existing fields, which was welcomed by the industry, to keep our manifesto commitment of keeping existing oil and gas fields open for their lifetime. I want to pause on the point that she raised about new exploration licences. The truth is, as everybody knows, new exploration licences, particularly in the light of tie-backs, will make no difference to production. It is important to remember that on average it is 10 years from exploration to production. Last year, an important report by the National Energy System Operator on the security of gas supply said that the biggest single thing that we could do for security of supply is drive towards a clean energy transition. The more we fail to do that, the more we are exposed, given that the North sea is a declining basin that has seen production fall by 75% in last 25 years, and that 70,000 jobs were lost under the Conservatives. On the hon. Lady’s point about the windfall tax, the Chancellor says that she wants the windfall tax to end, but obviously she has to look at the current circumstances. I notice that the Conservatives have now disavowed their decision to introduce the windfall tax. The windfall tax has raised £12 billion since 2022 because of supernormal profits—the money that was going from our constituents into the pockets of oil and gas companies. It is all very easy to say, “We shouldn’t have done the windfall tax,” but the Conservatives did introduce it, and I think it was the right thing to do. My right hon. Friend the Chancellor listens closely to the industry, and was talking to representatives from the industry about these issues yesterday, but it is important to recognise those other issues. On the environmental impact assessment process, we will follow the right process because we want to ensure that what we do is legally watertight and not subject to endless judicial review, and that is what the industry wants. To return to my original point—

• 5 Mar 2026 · Energy Markets · Hansard source

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  I absolutely recognise the challenges that many businesses faced even before the crisis. It is important to say that even before the crisis began, fossil fuel prices were still 40% higher than before Russia invaded Ukraine, and businesses were facing the impacts of that. We are taking action this April on the supercharger, but that is for only 500 or so of the most energy-intensive businesses. We are also taking action next April on the British industrial competitiveness scheme, which is for 7,000 businesses, but I recognise the point that the hon. Gentleman makes. Just as we are looking across Government at the situation that households face, and working on that, we are looking at the impact on businesses; indeed, I was talking to my colleague the Secretary of State for Business and Trade yesterday.

• 5 Mar 2026 · Energy Markets · Hansard source

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  With permission, I will make a statement about the situation in energy markets in the light of the unfolding conflict in Iran and the middle east. My thoughts are with the British citizens and those across the world affected by the events of recent days, and I thank members of our armed forces serving in the region and elsewhere. Let me update the House on the situation in global oil and gas markets and the impact on the UK. In the days since the conflict began, we have seen Iran target energy production and export infrastructure across the Gulf. Traffic in the strait of Hormuz, through which around 20% of global oil and liquefied natural gas is shipped, has declined very significantly, and the Iranian regime has issued reckless and unjustified threats to all ships using it. LNG production has also been halted in Qatar, following unjustified and indiscriminate Iranian attacks at the start of the week. The UK benefits from strong and diverse energy supplies, including our own North sea production, pipelines with Norway, interconnectors with continental Europe and three LNG terminals. While Qatar is a major supplier of LNG globally, last year it provided the UK with 1% of our gas supply. I have been in touch with National Gas and the National Energy System Operator, which are confident about our security of supply. On oil, we hold substantial emergency and commercial stocks and stand ready to work with the International Energy Agency to support the stability of oil markets if needed. As when Russia invaded Ukraine, though, we will be exposed to price competition in international oil and gas markets, which is pushing up wholesale prices as other countries seek to replace lost supplies from the region. That reflects our position, regardless of our domestic production, as a price taker not a price maker in these markets, leaving us exposed to their volatility, no matter where the fossil fuels come from. The Government continue to monitor the situation closely and work with our international partners. In recent days I have had multiple conversations with the executive director of the IEA, as well as with my counterparts in Qatar, Saudi Arabia, the EU and our major UK oil and gas producers. I will be having further calls with our international allies and partners over the coming days. This is a fast-moving situation, and we continue to work with our allies to seek to minimise the impact of disruption to markets and support the safe passage of oil and gas across the world. I know that families and businesses across the country will see these global events and be concerned about the impact on their energy bills and the cost of living. It is important to say that the energy price cap will provide protection for households until the start of July, regardless of developments in the middle east. Last week, Ofgem confirmed that as a result of the Chancellor’s decisions in the Budget, the price cap will fall by 7%, or £117 annually, for the period covering April to June. The price cap for that period is fixed and will not change. That is a direct result of decisions in the Budget by my right hon. Friend the Chancellor to raise taxes on the wealthiest, and to cut bills for families across Britain. In addition, around 6 million families are benefiting from our expansion of the £150 warm home discount, and we are delivering the biggest investment in home upgrades in British history through our warm homes plan, to cut bills and shield families from these kinds of fossil fuel shocks. On business and industry, we are taking action to expand the British industry supercharger from April to reduce costs for the most energy-intensive businesses, and a significant proportion of businesses are on fixed-term contracts that shield them from market volatility for the contract duration. However, we recognise that at the point of contracting, businesses are exposed to international fossil fuel markets, and clearly, for both businesses and consumers, much will depend on the length of this crisis. On Tuesday in her spring statement, my right hon. Friend the Chancellor reaffirmed her commitment to prioritise families and businesses, whatever turbulence we see around the world. She showed her determination to act on bills in the Budget last year, and as we continue to monitor the effects of these events, the House and country should be in no doubt that the Prime Minister’s No. 1 priority is to tackle the cost of living crisis that affects families across Britain. However long this crisis lasts, we must learn the right long-term lessons. The events of recent days are yet another reminder that the only route to energy security and sovereignty for the UK is to get off our dependence on fossil fuel markets, whose prices we do not control, and on to clean home-grown power that we do control. Only several weeks ago, some people were suggesting that we should gamble on low fossil fuel prices and cancel the allocation round 7 renewables auction. When I made my statement on that auction, I warned the House that people can have incredibly short memories, given that we are just four years on from Russia’s invasion of Ukraine. I warned at the time that it was a foolish and dangerous gamble to bet on geopolitical stability during greater geopolitical instability than at any time for generations. I warned that the Opposition had failed to learn lessons from the Ukraine crisis, which caused the worst cost of living crisis in memory, and that a dogma of opposing clean energy would damage this country, and risk families and businesses being left to pick up the bill. The events of recent days have unfortunately shown why that would be such a dangerous and reckless strategy, and we will continue to reject it. Instead, our AR7 renewables auction alone will supply enough home-grown, secure, clean power for the equivalent of 16 million homes. That is power we will not have to source from the international gas market, power that will not be at the mercy of international events, and power over which we, not fossil fuel markets, have control. Of course, North sea production continues to play an important and valuable role in our energy system, but as we learn the right lessons from this crisis, this Government will not succumb to the false arguments peddled by some. It is a maturing basin and accounts for less than 0.7% of global oil and gas production. New exploration licences are completely marginal to that basin, and would make no difference to prices set by international markets and paid by UK billpayers. “More UK production wouldn’t reduce the global price of gas”— those are not my words, but those of the former Energy Minister, Greg Hands in 2022, in midst of the last energy crisis. Indeed, the shadow Energy Secretary said in 2023 that new licences “wouldn’t necessarily bring energy bills down”. This Government have taken the decision to keep existing fields open for their lifetime, including through transitional energy certificates in our North sea future plan, as called for and welcomed by industry. They have also decided not to issue new licences to explore new fields, which the science tells us is the right thing to do, because this Government will not ignore the biggest long- term threat multiplier to our security and stability that we face: the climate crisis. As the Prime Minister said yesterday, for Labour Members the lesson of Russia’s invasion of Ukraine, and the lesson of recent days, is that our mission is the only route to greater energy independence for Britain, and we will double down on it. Every solar panel we install, every wind turbine we put up, and every nuclear power station we build makes us more secure as a country, and protects families and businesses from those kinds of energy shocks. This Government have learned the lessons of the geopolitical instability we have seen and continue to see. In an unstable world, we will keep driving for energy sovereignty and abundance with clean home-grown power. We will not gamble with the British people’s money at the fossil fuel casino, and ignore the lessons of the past. We have shown a determination to act to help families, and we will continue to do so. We will work with our allies and partners to defend our national interest, and seek to bring this conflict to an end for the benefit of citizens at home and the stability of the world, and I commend this statement to the House.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I agree with my hon. Friend. It is incumbent on all of us to tell people, on the basis of the evidence, what we should be doing as a country. Today we have heard from Members of different parties a recognition that gambling on fossil fuels is incredibly dangerous.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I agree with my hon. Friend that driving to renewables and clean, home-grown power is crucial. I would also say, as I know she takes an interest in these things, that the North sea continues to play an important role in our energy mix and will do so for decades to come.

• 5 Mar 2026 · Energy Markets · Hansard source

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  First, let me celebrate the opening of the plant. Indeed, I sent a video celebrating it—I am sorry I could not be there, but I congratulated my hon. Friend on his brilliant advocacy. I accept the point he makes that we have to look at all the technologies at our disposal. One of the reasons I am very glad that Lord Whitehead has joined our Department is that, as my hon. Friend will know, he has a specific brief covering alternative technologies. My view is, if it can bring down bills and help to get us to cleaner power, we should absolutely go for it.

• 5 Mar 2026 · Energy Markets · Hansard source

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  My hon. Friend speaks wisely on these issues. I agree with what he said about how we get energy security and the right thing to do. On the question of bill payers, across Government and across the House, we are incredibly alive to and vigilant about the potential impact of the crisis. I believe there is cross-party support for the price cap, which I think is very important. In a world without the price cap, we would see much more immediate effects. That does not mean that everyone is protected, but the vast majority of domestic consumers are protected by the price cap. My hon. Friend asked about short-term action, including through RNP. As he would imagine, across my Department, there is intensive work under way, looking at all the options that we have. As the regulator said to the Committee yesterday, much of this will depend on how long the crisis lasts, but the Chancellor and the Prime Minister have both shown their willingness and determination to act on bills, and I am sure that will remain.

• 5 Mar 2026 · Energy Markets · Hansard source

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  No, I do not think that is right at all. The truth about these crises is that it is incredibly important that the Government look at everything we can do, particularly to help address the impact on families and businesses, as I said a number of times in my statement. I reassure the hon. Gentleman and the House that this Government have the right strategy on energy policy. The lesson we all need to learn is that exposure to fossil fuel markets is dangerous for the country, and the best thing we can do is speed up our drive to renewables and, indeed, to nuclear. The more help that he can give to support that, the better.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I thank the right hon. Gentleman for his points about business and particularly about heating oil. It is a really important point, because people who are using heating oil are exposed to what is happening in the market. Obviously, it depends on when they restock their heating oil and, as I have said a number of times, how long the crisis continues, but he is right to raise that as an area we need to look at.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I thank the hon. Lady for the point that she makes. It is worth saying that Lord Browne of Madingley, formerly of BP, was on the radio yesterday making precisely the same point that she and I have made. This is a man who used to run one of the world’s largest oil and gas companies, and he said that the lesson of this crisis is that we have to get on to clean power. On the hon. Lady’s point about networks, it is important to be transparent about that. It is also important to bear down on those costs, and I obviously discuss that a lot with the regulator.

• 5 Mar 2026 · Energy Markets · Hansard source

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  My hon. Friend is so right. I talk to partners around the world, including in Europe, which the Liberal Democrats asked about, and elsewhere, and it is interesting that so many other countries now take this approach. The case for renewables was always a climate case, but for so many it is now as much an energy security case, because they are in a similar place to us: they are price takers, not price makers.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I agree with the hon. Lady on her fundamental point about why we are exposed. Cost of living support is obviously a matter for the Prime Minister and the Chancellor, but I reiterate to her that the Chancellor showed a willingness to act on these issues in the Budget because she recognised the pressures that families are facing, and that the cost of living crisis is by far the biggest issue facing our country. At Prime Minister’s questions, the Prime Minister again reiterated that we are carefully monitoring the situation. The Government have shown their willingness to intervene, and if necessary, we will intervene again. On the wider points that the hon. Lady makes, the most important thing to emphasise is that we have to go back to the fundamentals. That means driving forward with clean power and the insulation of homes. Our European counterparts, whom she asked about, face similar challenges. Through the International Energy Agency, we are all engaged on some of the issues around oil stocks that I raised in my statement. She is absolutely right that co-operation with our European colleagues is particularly vital at this time.

• 5 Mar 2026 · Energy Markets · Hansard source

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  That is why we said in our manifesto that we would keep existing oil and gas fields open for their lifetime. Indeed, we did not just say it; we had a good dialogue with the industry, in which it said that one thing that would make existing oil and gas fields competitive was tiebacks to fields with new production. We listened and we accepted that. I have great respect for the right hon. Gentleman; I think the issue he is adverting to is exploration licences, because the North sea is a declining basin. Obviously, there are tax matters in this regard, which are for the Chancellor, but all the evidence is that exploration licences are entirely marginal to production, and the average time from exploration to production is 10 years, as I said earlier. On the 10-year view, the most important thing we can do for our energy security by far—by many multiples—is to drive towards clean power, which I think he supports and which is the centrepiece of our strategy.

• 5 Mar 2026 · Energy Markets · Hansard source

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  I thank my hon. Friend for his excellent questions. On the first point, he is absolutely right. I spoke to my counterpart, the Qatari Energy Minister, and it was the attacks on Qatar’s LNG terminals, and understandable fears for their workforce as a result of indiscriminate Iranian attacks, that led him to make his decisions. Iranian threats to the strait of Hormuz are preventing the passage of shipping, and my hon. Friend is absolutely right to emphasise that point. I will not speculate on my hon. Friend’s point about how long the conflict will last, but he is right to say that the longer the conflict goes on, the more impact there will be on bill payers and our economy. That is why it is in all our interests for this conflict to come to an end as soon as possible. On his other point, I undertake to keep the House and the Energy Security and Net Zero Committee informed.