UK Energy Costs

John Redwood Excerpts

Thursday 8th September 2022 Commons Chamber

[The Prime Minister]

Instead of taking the Opposition’s approach, we are taking an approach that is pro-growth, pro-business and pro the investment we need for our country’s energy security.

[John Redwood (Wokingham) (Con)]

Does the Prime Minister agree that we are too short of energy but have plenty of taxes, and that if we had an over-supply of taxes, as the Labour party wants, we would have less supply of the things we were taxing?

[The Prime Minister]

My right hon. Friend makes an extremely good point. The reality is that we cannot tax our way to growth. The policy that I am setting out today is all about helping people with their energy costs, as I promised, and making sure that we have the long-term energy supplies that we need for our country.

--- Later in debate ---

[Mr Rees-Mogg]

That is structurally wrong. Taxes need to be certain. If we are to encourage investment—and we need investment in this country—the tax policy has to be set for the long term. We cannot retrospectively pick people’s pocket; we need to tell them what the charge will be beforehand and keep it clear.

[John Redwood]

Would the Business Secretary like to remind the House that the Republic of Ireland deliberately chose much lower corporation tax rates than the rest of the advanced world and collects a far bigger proportion of its economy in taxes on business than we do?