Windfall Tax: Oil, Gas and Energy Companies Debate

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Lord Tunnicliffe

Main Page: Lord Tunnicliffe (Labour - Life peer)

Windfall Tax: Oil, Gas and Energy Companies

Lord Tunnicliffe Excerpts
Tuesday 22nd February 2022

(2 years, 9 months ago)

Lords Chamber
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Lord Tunnicliffe Portrait Lord Tunnicliffe (Lab)
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My Lords, let me be absolutely clear: the Labour Party would immediately implement a windfall tax on oil and gas profits. Unlike the Government’s buy now, pay later scheme, our plan would provide a genuine £200 off most household bills, with targeted support of £600 for those who need it. The Chancellor will make his Spring Statement a month from tomorrow, just weeks before the energy price cap is hiked. Will the Government use that occasion to do the right thing and adopt Labour’s proposals?

Baroness Penn Portrait Baroness Penn (Con)
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My Lords, Labour may say that it would impose a windfall tax immediately but under its proposals the support would not then be passed on to consumers immediately; it would take far longer under its plans to get money into people’s pockets. Furthermore, Labour’s plans for a VAT cut would not target support at those who most need it, with some of the wealthiest households saving the most money under the proposals.