Energy (oil and gas) profits levy
Debate between Alexander Stafford and Liam Fox(2 years, 1 month ago)
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Tulip Siddiq
I will make a bit more progress, but I will come to the Members in a minute. I am happy to take interventions.
We of course welcome that, after months of kicking and screaming, the Government have decided to adopt Labour’s policy of strengthening the windfall tax on energy giants, but they are still leaving billions of pounds on the table by giving a tax break to companies drilling for new polluting fossil fuels. Labour would have raised over £10 billion more—£10 billion, at the time of a cost of living crisis, is an enormous amount—over the next three years than the Government’s proposal by closing that unfair loophole, taxing oil and gas at the same level as other countries such as Norway and backdating the tax to January of this year.