That is just one of many factors we must take into account.
I have tested the patience of the Committee with my wisecracks, and I now want to talk about my main, very serious issue—the withdrawal from Euratom, which will directly affect my constituency. My hon. Friend the Member for Henley (John Howell), who is no longer in his place, represents the Culham Centre for Fusion Energy, where the main research into nuclear fusion—the holy grail of sustainable energy—takes place. In 2014 we signed an almost €300 million contract to run the Joint European Torus on that site until 2018. We are now negotiating to take the programme forward. The JET, based in Oxfordshire, accounts for a quarter of the European fusion programme budget. Other money comes
from ITER, the global fusion project. It will take place in France but still provides financial support for British projects including, for example, €40 million of remote handling equipment awarded to the United Kingdom Atomic Energy Authority—based in Oxfordshire—as part of a wider consortium.
Coming out of Euratom would present some difficult issues, including a requirement to conclude new bilateral co-operation agreements with the United States and approximately 20 other countries to maintain our access to intellectual property and nuclear technologies; removing the requirement for the UK to comply with Euratom’s safety regimes, which would prevent other countries from collaborating with us; and further potential delays and cost increases to the nuclear new build programme. I am extremely unhappy that the Bill will take us out of Euratom—and I was also unhappy that I had no warning of that—but I am grateful to Ministers, some of whom are in their places, for their reactions on this issue. I have been able to have discussions with Ministers from the Departments for Exiting the European Union and for Business, Energy and Industrial Strategy. I am grateful to the Minister for Universities, Science, Research and Innovation, my hon. Friend the Member for Orpington (Joseph Johnson), who has personally met the Culham chief executive, and to my right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy who has also spoken to the chief executive. I am also delighted that the Under-Secretary of State for Business, Energy and Industrial Strategy, my hon. Friend the Member for Hereford and South Herefordshire (Jesse Norman), is due to visit Culham. Every effort is being made to ensure that at its all-staff meeting tomorrow proper reassurances can be given.