Meeting of the Parliament 24 January 2024
I will come back to Mr Whittle later if time allows.
That strategic public investment in offshore wind will catalyse private investment in the infrastructure and manufacturing facilities that are critical to the growth of the sector and will contribute to a productive and competitive economy. It will also support market certainty, helping to create thousands of new jobs, embedding innovation and boosting skills. In short, it is an example of the power of strategic public investment in the green economy in action.
We must, however, be transparent in recognising that our powers to invest in that way are limited by devolution. We do not have the powers to borrow to invest that independent countries enjoy. I would like to have invested more in our offshore wind sector in the draft budget and to have put more money into other sectors, such as hydrogen, but we are constrained by the United Kingdom Government’s actions and inaction.
The UK Government did not inflation-proof its capital budget, which we forecast will result in a near 10 per cent real-terms cut to our capital funding over the next five years.