North Sea Oil and Gas Producers: Investment Allowances Debate
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Darren Jones
Main Page: Darren Jones (Labour - Bristol North West)Department Debates - View all Darren Jones's debates with the HM Treasury
North Sea Oil and Gas Producers: Investment Allowances
Darren Jones Excerpts(2 years, 5 months ago)
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Lucy Frazer
The hon. Member will know, because I have said it this afternoon, that according to our estimate we will be receiving £5 billion from the oil and gas sector. Given that he mentioned insulation, he may be interested to learn that the Government have committed £3 billion over this Parliament to installing energy-efficiency measures in up to 500,000 homes, saving low-income households hundreds of pounds a year on their bills.
Darren Jones (Bristol North West) (Lab)
Clearly any additional tax cuts for the oil and gas sector should have been targeted at renewable energy generation rather than further drilling for fossil fuels. The Minister will know that the Government intend to introduce a climate compatibility checkpoint to ensure that all future decisions are in line with our climate change commitments. Can she confirm that if there is an overlap with the ongoing tax break for investment in fossil fuel drilling, it will be checked against the compatibility checkpoint?
Lucy Frazer
As the hon. Gentleman will know, a consultation is ongoing, and the Government will be responding to it in due course. I am sure that he will read the report of our response with some interest.