Environmental Audit Committee — hearing of 4 November 2026: transcript & video · Polyfact

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Environmental Audit Committee

4 November 2026

Contents updated on 4 Nov 2026

The Chair opens the inquiry into HM Treasury’s role in the economics of climate and nature and takes evidence from motor, ceramics and energy industry representatives on how current tax and fiscal policy affects electrification, energy costs, competitiveness and demand‑side decarbonisation. Witnesses outline structural barriers such as high UK electricity prices, inconsistent EV incentives and weak support for industrial and household electrification before the panel moves into more detailed questioning on fiscal design.

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Panel one opening and sectoral evidence on net zero costs

00:03

Committee opening, panel one and witness introductions

00:03

Motor industry — Treasury incentives for EV transition

15:09

Ceramics sector — energy costs and competitiveness

22:28

Energy UK — supply‑side success versus weak demand‑side electrification

28:30

Fiscal incentives, carbon pricing and industrial competitiveness

36:55

Fossil fuel subsidies — IMF/OECD figures versus Treasury stance

36:55

Motor sector strategy — hydrogen, ZEV mandate and fair motoring taxes

40:31

Carbon pricing, leakage and recycling revenues in industry

51:25

Energy sector decarbonisation — lessons from carbon pricing and carrots vs sticks

01:00:24

Industrial emissions, deindustrialisation and better metrics

01:04:39

Energy UK — investment signals for clean power, networks and home heat

01:05:59

Using fossil revenues and oil & gas taxation for the transition

01:16:05

Treasury governance, fiscal rules and cross‑government climate delivery

01:29:42

Opening second panel — Treasury discipline and policy instability

01:29:42

Treasury challenge function, budget process and departmental co‑production

01:34:37

OBR modelling, fiscal rules and cross‑government climate governance

01:44:50

Climate vs nature targets, cross‑departmental PSAs and impact of spending reviews

01:54:26

Treasury treatment of climate risks, Green Book and economic institutions

02:02:51

Responsibility for pricing climate inaction and adaptation leadership

02:14:21

Cross‑government delivery levers — OPMC, Treasury and accounting officers

02:19:04

Regional delivery, Number 10 North and preventative budgeting

02:26:03

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Environmental Audit Committee

4 November 2026

Environmental Audit Committee Wed, 4 Nov 2026 House of Commons

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00:03 - 00:41

Speaker 8

Order. Well, welcome everybody to the latest meeting of the Environmental Audit Committee as part of our review into the Treasury and the economics of climate and nature. I'm pleased to say that we have two excellent panels today, the first panel representing a number of different sectors who are at the forefront of Treasury policies and the climate and the environment. And so, I'm going to invite our panelists to introduce themselves and their organisations, starting with yourself, Mr Croucher.

00:41 - 00:56

Speaker 6

Thanks very much. So, Matthew Croucher, Chief Economist at the SMMT. SMMT is the trade association for the motor industry in the UK, so it covers cars, commercial vehicles, and it covers both importers and domestic manufacturers, and the supply chain.

00:56 - 00:59

Speaker 1

Very much. Mr McDermott.

00:59 - 01:07

Speaker 3

I'm Andrew McDermott, Deputy Chief Executive at Ceramics UK, and that's the trade association for UK ceramic manufacturers.

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