VALUE FOR MONEY AND SWANSEA BAY TIDAL LAGOON

That this House calls on the Government to announce in the forthcoming Budget to proceed with Swansea Bay Tidal Lagoon as a pathfinder project, as recommended in the Hendry Review, as it represents value for money; refers the Government to the fact that the proposed financing structure was developed in 2016 with officials from HM Treasury and meets all the National Audit Office tests on value for money; notes that in addition a decision to proceed can deliver huge social and economic value including the creation of a new British industry, the benefits of learning from a first-of-kind project, direct and indirect job creation, public amenity and carbon reduction; is impressed that even as a first of a kind project Swansea Bay requires less subsidy per unit of electricity produced than Hinkley Point C and less subsidy than any UK offshore wind farm built to date, as well as requiring a lower financial return than new nuclear and offshore wind; further notes the project would take up less than 0.4 per cent of the Government's allocation to low carbon subsidies, initially costing 18 pence per annum per household, followed by a period of subsidy-free electricity far exceeding the lifespan of an offshore wind farm; and believes proceeding with Swansea Bay Tidal Lagoon will unlock a major new British industry highly complementary to the UK's offshore wind industry, given tidal power's predictability and reliability.