Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

David Duguid Excerpts
Tuesday 6th February 2024

(9 months, 2 weeks ago)

Commons Chamber
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Laura Trott Portrait The Chief Secretary to the Treasury (Laura Trott)
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The university sector is one of the jewels of this country and I am proud that we have four of the world’s top 20 universities. I am happy to look at any individual proposals from the hon. Gentleman.

David Duguid Portrait David Duguid (Banff and Buchan) (Con)
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Last June the Exchequer Secretary announced the energy security investment mechanism, and I welcomed the announcement in last November’s autumn statement that the floor price would rise with inflation from April. How and when will that be legislated for, and will he look at alternative ways of setting that floor price, other than the 20-year reference period that is already used?

Gareth Davies Portrait Gareth Davies
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The energy security investment mechanism was designed, as my hon. Friend points out, to give more certainty not only to the oil and gas sector, but to investors, ensuring that the energy profits levy is disapplied when prices return to historically normal levels. To provide additional certainty, on the back of urging from him and the industry, we have agreed to legislate for ESIM and will be announcing that shortly.