I will give way in a moment, but I must make a little progress first, because I have only five minutes if I am to allow time for the Minister.

We on the Conservative Benches will keep calling these plans out for what they are: a dangerous experiment that will damage the British countryside, wreck the livelihoods of hard-working British people and drive up energy Bills. Let us examine the progress of this experiment so far. During the election campaign, the Secretary of State got Labour candidates to claim that GB Energy would save £300 on energy bills, but that does not seem to be something that the Government are going to stand behind now. I would ask why that is, and what plans there are for the future in this regard.

The Government have formed an energy company that will not generate a single watt of energy, and will not bring down a single energy bill. They have taken £8 billion of taxpayers’ money, and put a shiny brand on it called GB Energy. GB Energy is simply the Government subsidising high-risk projects for the private sector on one hand, while decimating our oil and gas industry with the other. They have set up a new company and claim that it will make profits in five years, with nothing but 14 pages of a hot-air founding statement—with no business plan, no financial forecast, and nothing else.