I beg to move,
That, for the year ending with 31 March 2023—
(1) for expenditure by the Department for Business, Energy and Industrial Strategy:
(a) further resources, not exceeding £60,176,000,000, be authorised for use for current purposes as set out in HC 794 of Session 2022-23, and
(b) a further sum, not exceeding £60,176,000,000, be granted to His Majesty to be issued by the Treasury out of the Consolidated Fund and applied for expenditure on the use of resources authorised by Parliament; and
(2) for expenditure by HM Treasury:
(a) further resources, not exceeding £11,175,000,000, be authorised for use for capital purposes as set out in HC 794 of Session 2022-23, and
(b) a further sum, not exceeding £11,175,000,000, be granted to His Majesty to be issued by the Treasury out of the Consolidated Fund and applied for expenditure on the use of resources authorised by Parliament.
This motion provides for an out-of-turn supplementary estimate for the urgent expenditure of two Departments—the Department for Business, Energy and Industrial Strategy and His Majesty’s Treasury. The supplementary estimate provides the resources and cash to allow the Government to help to reduce energy bill rises this winter. It also provides capital funding for the Bank of England in support of its operations as a result of a long-standing indemnity.
I will briefly explain what the two departmental requests cover. First, the House is well aware of the cost of living increases caused by Putin’s war in Ukraine and the consequential impact on fuel bills from Europe’s reliance on Russian gas. Families were worried about energy bills, which some independent forecasts said could be £6,000 a year. This is a compassionate Conservative Government who will always be on the side of the most vulnerable, which is why we acted quickly and decisively to address concerns about paying for heating this winter. We did that through the establishment of the energy price guarantee scheme to cap the unit price that consumers pay for electricity and gas. That means that a household consuming the average amount of energy will pay no more than the equivalent of £2,500 a year. Many, of course, will pay far less.
In addition, the Government have protected businesses with the energy bill relief scheme. Those combined measures will provide households and businesses with confidence and certainty this winter, up to the end of March next year. It was right to act fast and to prioritise a simple option that ensures that nobody is left out.