Oral Answers to Questions

Matt Vickers Excerpts

Tuesday 21st September 2021 Commons Chamber

[Kwasi Kwarteng]

With regard to Cambo, the hon. Member will appreciate that the decision has been scrutinised in the normal regulatory way. As an energy Minister I helped to negotiate a North sea transition deal, and key to that was the word transition. We need to transition our existing oil and gas sector to a decarbonised platform. What she and others like her want to see is a complete eclipse and shutting down of oil and gas, with 250,000 jobs vanishing overnight. That would be completely irresponsible.

[Matt Vickers (Stockton South) (Con)]

T9. Retail accounts for 5% of our economy but pays 25% of all business rates. Yesterday, the British Retail Consortium published a report showing that 83% of retailers feel it is likely they will have to close stores should the burden not be reduced. Will my hon. Friend confirm that we remain committed to a fundamental review of business rates, and when we might hear more about that?

[Paul Scully]

My hon. Friend is a real champion for his area, often talking about family businesses such as Strickland and Holt, which was established in 1854, and the contribution of such places to the economy. We expect the fundamental review of business rates to conclude in the autumn. Businesses benefited from 100% business rates relief until 30 June 2021 and they continue to benefit from 66% business rates relief until 31 March 2022.