Energy Prices: Support for Business Debate
Full Debate: Read Full DebateBarry Gardiner
Main Page: Barry Gardiner (Labour - Brent West)Department Debates - View all Barry Gardiner's debates with the Department for Business, Energy and Industrial Strategy
(1 year, 11 months ago)
Commons ChamberOf course, that depends on what the hon. Lady means by “energy companies”, because the domestic suppliers have not been making enormous amounts of money. Indeed, many of them have gone out of business over the last few months, so they have not been making vast amounts of money.
Some businesses have been making a lot of money; they pay very significant amounts of tax already. It is important that we do not assume that there is some honeypot of businesses that can be raided—there is not. We need long-term investment in this country to maximise the exploration and production of oil and gas to ensure that we have lower prices and sustainable businesses. That is not aided by putting taxes on at every opportunity, which the socialists always want to do.
The domestic scheme is based on a loan to be repaid out of future bills. If the business scheme is to be repaid in the same way, why would businesses not regard it as a deferred tax rise? If it is not, does the Secretary of State really expect it to be repaid out of general taxation by the rest of the taxpayers? “Tax, tax, tax” is what he is saying.