Oral Answers to Questions

Caroline Lucas Excerpts

Tuesday 20th December 2022 Commons Chamber

[Jeremy Hunt]

We will certainly do that. I know that the 75% discount we announced for retail, hospitality and leisure businesses will make an enormous difference to businesses in Gloucester, as will the £2.5 billion annual discount in business rates overall as we make the transition to the new system.

[Caroline Lucas (Brighton, Pavilion) (Green)]

A very Merry Christmas, Mr Speaker.

With oil and gas companies making grotesque profits from high global prices, it is beyond belief that the Chancellor does not scrap the so-called investment allowance announced in the autumn statement, which means that companies are still able to claim £91.40 in tax relief for every £100 invested in oil and gas infrastructure. Will he now come clean about the cost to the taxpayer of this perverse and utterly unjustified subsidy?

[James Cartlidge]

I am happy to confirm that that levy will raise £40 billion. As I said earlier—and this is very important—the support that the hon. Lady’s constituents, and indeed all our constituents, will receive this winter has to be paid for somehow. A key purpose of the levy is to help fund support for businesses and for our constituents, with higher cost of living payments for the most vulnerable and those on benefits. It is extremely generous, and, as I have said, it is bringing down inflation for the whole country.