Economy, Welfare and Public Services

Barry Gardiner Excerpts

Monday 22nd July 2024 Commons Chamber

[Barry Gardiner (Brent West) (Lab)]

I heartily applaud what my right hon. Friend is saying about the renewed windfall tax. Will she also look at the fact that, in this country, we have the lowest basic rate of tax on oil and gas companies anywhere in the world? The average is 74%; in this country, it is 38%.

[Rachel Reeves]

As my hon. Friend knows, we committed in our manifesto to a three percentage point uplift to the current energy profits levy, which we will use to fund the national wealth fund. That fund will power jobs and prosperity in all parts of our country, and that work is already well under way. In my first week in office, I welcomed the report of the national wealth fund taskforce, and I thank the former Governor of the Bank of England, Mark Carney, and the whole taskforce for their outstanding work. This Bill will put the national wealth fund on a statutory footing with clear objectives, crowding in private investment to create wealth across Britain.