Economic Update

Debate between Jeremy Hunt and Andrew Mitchell

Monday 17th October 2022 Commons Chamber

[Jeremy Hunt]

Let me tell the right hon. Gentleman that I am not against the principle of taxing profits that are genuine windfalls, but as he will know well, the energy industry is very cyclical and there are businesses that have periods of feast and famine. We have to be very careful that we do not tax companies in a way that drives away investment. We have said that nothing is off the table.

[Mr Andrew Mitchell (Sutton Coldfield) (Con)]

I congratulate my right hon. Friend on his statement, which is both wise and necessary. There will be great relief across the House that the markets have responded to the statement positively, not least thanks to his economic leadership and political skill. In the run-up to 31 October, will he reassure us and the markets that the Treasury, the OBR and the independent Bank of England will work closely together and in total lockstep?