North Sea Oil and Gas Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Rachael Maskell
Main Page: Rachael Maskell (Labour (Co-op) - York Central)Department Debates - View all Rachael Maskell's debates with the Department for Business, Energy and Industrial Strategy
North Sea Oil and Gas
Rachael Maskell Excerpts(2 years, 2 months ago)
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Greg Hands
The right hon. Gentleman has asked a probing question. I would say that we have both those obligations. We are obligated to take action on climate change and reducing emissions, and the UK is a world leader in that regard. We are also obligated to deliver energy, at an affordable price, to the people of this country. The £9.1 billion package of support that the Chancellor announced last week, with the £350 rebate on bills, was intended to do precisely that.
Rachael Maskell (York Central) (Lab/Co-op)
The problem is that the Minister is still talking about 2050 when we have a crisis right now. It is clear that the Government refused to support a windfall tax on the energy companies so that they could invest in their oil and gas production, rather than the money going to our constituents who are struggling with their energy bills. That is not going to be settled, so may I ask the Minister why he will not impose a windfall tax on these companies so that they can contribute to the just transition and invest in green energy for the future?
Greg Hands
The Chancellor outlined the disadvantages of a windfall tax at the Dispatch Box last Thursday, when he said that it was “superficially appealing” but probably counterproductive. He also said that oil and gas companies were paying corporation tax at twice the rate paid by other companies, and that taxing UK activity on something that is traded globally would probably cost UK jobs and drive up the price of retail fuel, and would certainly make the UK less energy-secure.