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00:00You talk about companies investing but BP said this morning that actually they're gonna look again at investment in the UK. How do you react to that. I think that we will have a regime that is going to continue to encourage companies to invest that. I've talked to the heads to burdened by the loonie dependent building of Shell several others. And I'm confident the UK will continue to be incredibly attractive investment not least in in green technology. And both BP and Shell are keen to do that. And what we're setting out with the package is the investment framework for them to continue to drive trucks drive jobs and growth and to tackle inflation in the medium term to try to deal with the immediate term. You've got you've got to deal with supply side issues. And so we need the energy companies to be putting some more into the hydrocarbons but we also need the whole country to be investing in more low carbon energy. Yesterday's announcement acts as an incentive to buy gas and oil doesn't offer to produce gas at all. I think I think that's the. We're going to need some kitty but I don't think we can turn our backs entirely on hydrocarbons. And you know the UK actually has a flourishing sector in the in the northeast of Scotland. It's very important. We've got to keep that keep that going. I think one of the lessons of the current spike is which we can't afford to be totally dependent on Putin's hydrocarbons. But at the same time we've got to accelerate our drive for for low carbon energy. So if you look at the British energy security strategy 50 gigawatts of of wind by 2030 25 gigawatts of nuclear by 2050. These are big big increases in low carbon energy. And what they offer is a big platform for investment from overseas. And what I find in the last in the last few weeks is a real appetite from international investors to put money in a long term infrastructure projects in the UK politically in the in the green energy sector. Okay. Can I ask you about high spending. Do you risk getting the public affected by spending. And just quickly what happens if if there's a war in Ukraine continues this time next year there's still high energy prices. I think that the package that we've set out in the last couple of days the package that Ricci says set out as I say it's big potatoes. It's a it's it's a it's a it's a very considerable commitment to help the British people to do what we did in the pandemic put our arms around people to get them through the surge in energy prices. And we think that it will it will last until prices start to abate. And I'm confident they will. I think that supply will start to improve. And the humanities always fertile in expedients and immensely resourceful in coming up with solutions. And we will find new ways of getting energy on stream not least in this country. But in the meantime we're going to have a difficult period. And we've got to be absolutely clear with people. It is going to be difficult. And the government cannot solve every problem. We can't cover everybody's extra cost. But what we can do is make sure that we deal with the underlying causes of inflation but also keep our economy strong and open to investment.

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Johnson Says UK Can’t Turn Its Back on Hydrocarbons

UK Prime Minister Boris Johnson discusses the challenge of securing energy supplies and balancing that with climate pledges made by Britain as host of the COP26 conference in December. “I don’t think we can turn our backs entirely on hydrocarbons,” Johnson said in an interview with Bloomberg's Kitty Donaldson on Friday. (Source: Bloomberg)

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