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Budget Statement - Motion to Take Note

Part of the debate – in the House of Lords at 7:30 pm on 18th March 2020.

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Photo of Lord Maude of Horsham Lord Maude of Horsham Conservative 7:30 pm, 18th March 2020

At the risk of prolonging this, does my noble friend accept that one of the reasons the cost of offshore wind has fallen so much is that there was a subsidy that enabled the unit cost of installing it to fall? Something similar could happen with tidal power. This country is uniquely equipped with the natural resource to develop something capable of being exported very widely and generating a UK-based technology that could be of enormous value, as well as a renewable resource.