As Russia’s assault on Ukraine continues, the Government is taking action to hit Russia where it hurts – it’s economy.
The sanctions which have been imposed have already devastated the Russian economy – but we can take this even further by tackling Russia’s influence over energy markets.
The UK is in no way reliant on Russian oil and gas – Russian oil makes up only 8% of UK demand and Russian gas just 4% of UK demand - however, Russia exports enough of both across the world that it can influence and destabilise the energy market and energy prices. Essentially, Russia can weaponise its dominance over the European gas supply for political ends.
Already, the market has begun to ostracise Russian oil, with nearly 70% of it currently unable to find a buyer, and the UK Government has confirmed that it will phase out all imports of Russian oil and oil products by the end of 2022. This transition will give the market, businesses and supply chains time to replace Russian imports, and the Government will support businesses through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies.
Beyond Russia, the vast majority of our oil imports come from reliable partners such as the US, Netherlands and the Gulf. Earlier this week the Prime Minister visited Saudi Arabia and the UAE to discuss the importance of working together to increase diplomatic and economic pressure on Putin’s regime, as well as efforts to improve energy security and reduce volatility in energy and food prices.
Turning to renewable energy and nuclear power is one way the UK can become energy independent, producing cheaper, cleaner power in Britain, for Britain. By looking at renewable energy we can explore options to end the UK’s imports of Russian gas altogether.
By tackling Russia’s dominance over oil and gas – and increasing energy independence, we can not only ensue that Putin feels the consequences of his actions now, but also protect ourselves against future attempts by him to blackmail and disrupt energy markets.
Earlier this week Swindon Borough Council submitted its bid to be the new home of Great British Railways’ new HQ.
Swindon has a long and proud history with the railway, ever since Brunel authorised the establishment of the railway works nearly 180 years ago and saw Swindon become a railway powerhouse. So important were the railways to Swindon that at its height 75% of the working population worked for Great Western Rail.
The project would also bring important investment and job opportunities to the town, and could play a really positive role in regenerating the town centre.
I am very much supporting this bid, and am delighted that so many people across the down are getting behind it too. We will find out in May if Swindon has been shortlisted – so fingers crossed, and lets bring British rail back home to Swindon!
Finally, I wanted to say how delighted I am to see Nazanin Zaghari-Ratcliffe reunited with her family, having been unfairly detailed in Iran for nearly six years. The resolve, courage and determination of Nazanin and her family has been inspiring, and I am so pleased that their ordeal is finally over.
