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Written Question
Electricity Generation: Taxation
Thursday 30th June 2022

Asked by: Graham Stuart (Conservative - Beverley and Holderness)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of a windfall tax on investment plans of electricity generators.

Answered by Lucy Frazer

Within the Economy Update on 26th May, the Chancellor announced the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.

As part of this process, officials are currently engaging with industry stakeholders, to gather evidence on energy generator’s level of profitability and the operation of their business models.

The PM’s ten-point plan and recent energy security strategy has set the UK on a pathway to a significant movement away from gas generation and towards renewables and low-carbon technologies.

The Government recognises that any measures, tax or otherwise, need to be proportionate and avoid creating undue distortion or impacts on UK investment.

Speech in Commons Chamber - Tue 25 Jan 2022
Downing Street Parties: Police Investigation

"I welcome the investigation. We can see the absolute terror on the faces of the Opposition. For them, this is partygate, but they know that they are up against a Prime Minister and a Government who have brought youth unemployment to its lowest ever level. This Government, led by the …..."
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Speech in Public Bill Committees - Thu 01 Feb 2018
Taxation (Cross-border Trade) Bill (Eighth sitting)

"I just want to pay tribute to the hon. Gentleman and to the Labour party, because Labour does not just talk about sunset clauses; it actually works on them. And it is noticeable, frankly, that with real momentum behind sunset clauses, moderate leaders, councillors and moderate MPs are being hounded …..."
Graham Stuart - View Speech

View all Graham Stuart (Con - Beverley and Holderness) contributions to the debate on: Taxation (Cross-border Trade) Bill (Eighth sitting)
Speech in Public Bill Committees - Thu 01 Feb 2018
Taxation (Cross-border Trade) Bill (Eighth sitting)

"Further to that point of order, Mrs Main. I will not repeat all the thanks that my right hon. Friend the Financial Secretary so eloquently made. I agreed with every word he said. Obviously, as the new boy on the block I thank him for his support, and I thank …..."
Graham Stuart - View Speech

View all Graham Stuart (Con - Beverley and Holderness) contributions to the debate on: Taxation (Cross-border Trade) Bill (Eighth sitting)
Speech in Public Bill Committees - Thu 25 Jan 2018
Taxation (Cross-border Trade) Bill (Fourth sitting)

"It is a great pleasure to serve under your chairmanship, Mrs Main. It is an intimidating task that falls to me. I see many familiar faces, all pretty experienced and used to being in Bill Committees, as well as the Rolls-Royce Minister to my left. Fortunately, I am backed by …..."
Graham Stuart - View Speech

View all Graham Stuart (Con - Beverley and Holderness) contributions to the debate on: Taxation (Cross-border Trade) Bill (Fourth sitting)
Speech in Public Bill Committees - Thu 25 Jan 2018
Taxation (Cross-border Trade) Bill (Fourth sitting)

"I am disappointed that the hon. Lady will press for a Division, not because the points she has made are not important, not because the Government should not consult and listen to those voices, and not because we should not seek to improve our programme of support for developing countries, …..."
Graham Stuart - View Speech

View all Graham Stuart (Con - Beverley and Holderness) contributions to the debate on: Taxation (Cross-border Trade) Bill (Fourth sitting)
Speech in Public Bill Committees - Thu 25 Jan 2018
Taxation (Cross-border Trade) Bill (Fourth sitting)

"As we have heard, the amendment seeks to clarify that the regulations may provide for the restoration or reinstatement of the nil rate of import duty to least-developed countries where this has been suspended or withdrawn. It is clearly important that we can reinstate preferential rates of import duty after …..."
Graham Stuart - View Speech

View all Graham Stuart (Con - Beverley and Holderness) contributions to the debate on: Taxation (Cross-border Trade) Bill (Fourth sitting)
Speech in Public Bill Committees - Thu 25 Jan 2018
Taxation (Cross-border Trade) Bill (Fourth sitting)

"Clause 10 ensures that the UK can operate a unilateral trade preference scheme when the UK leaves the EU. It will provide the powers to implement a scheme that will enable the reduction of import duty on goods originating from developing countries. By legislating now, we can ensure continuity for …..."
Graham Stuart - View Speech

View all Graham Stuart (Con - Beverley and Holderness) contributions to the debate on: Taxation (Cross-border Trade) Bill (Fourth sitting)
Speech in Public Bill Committees - Thu 25 Jan 2018
Taxation (Cross-border Trade) Bill (Fourth sitting)

"I thank the hon. Lady for her passionate espousal of a number of interesting issues. I will respond as best I can, but my three weeks in this post probably does not match her many years of expertise.

As highlighted, clause 10 and schedule 3 ensure that the UK can …..."
Graham Stuart - View Speech

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Speech in Public Bill Committees - Thu 25 Jan 2018
Taxation (Cross-border Trade) Bill (Fourth sitting)

"I will respond to some of the points that the hon. Member for Bootle has just made. I pay tribute to him for featuring so well. He must be another fine engine, if not a Rolls-Royce. I have certainly heard him purr in this Committee Room on many an occasion. …..."
Graham Stuart - View Speech

View all Graham Stuart (Con - Beverley and Holderness) contributions to the debate on: Taxation (Cross-border Trade) Bill (Fourth sitting)