Chris Stephens
Main Page: Chris Stephens (Scottish National Party - Glasgow South West)Department Debates - View all Chris Stephens's debates with the HM Treasury
(1 year, 7 months ago)
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Chris Philp
I will make a couple of points. Extraction companies already pay about double the rate of corporation tax that other companies pay. In addition, we have imposed the energy profits levy, through which the rate of taxation on their profits increases to 65%. That is a pretty significant rate of tax, even by Labour party standards, and it will raise about £23 billion over the relevant three-year period. The hon. Member will also have seen the announcement from my right hon. Friend the Business Secretary yesterday on ensuring that renewable companies provide energy to our constituents at reasonable prices. The suggestion that no contribution is being made by the energy sector in the circumstances is, frankly, not accurate.
Chris Stephens (Glasgow South West) (SNP)
The Minister quoted IMF analysis but curiously not the part where it warns that rising prices will be worse in the UK, noting that the Government’s tax cuts will “complicate the fight” against soaring prices, and where it expects higher prices to last longer in the UK than elsewhere. What is his analysis in relation to food prices and tackling food poverty in the next two years?
Chris Philp
The energy intervention will make sure that inflation in this country is about 5% lower than it otherwise would be. That is not a Government forecast, but the consensus of independent forecasters. Also, the inflation rate in the United Kingdom is lower than in some other countries, including Germany and Holland.