Energy (oil and gas) profits levy

Debate between Tulip Siddiq and Peter Dowd

Tuesday 22nd November 2022 Commons Chamber

[Tulip Siddiq]

May I remind the hon. Gentleman that the Tories have been in government for 12 years now and may I remind him about everything that happened during covid, including burning personal protective equipment? Maybe he has forgotten about that, and maybe he has forgotten about the amount of fraud that took place during covid. I can send him the details because he looks incredulous. Maybe he does not know how much fraud there was during covid, but we will send that to him. I also remind the hon. Gentleman that, after 12 years of economic mismanagement by this Conservative Government, the UK is forecast to have the lowest growth in the G7 over the next two years, with growth stagnant over 2023 and 2024. That is not a record the Government should be proud of.

Let me return to the energy companies, because even they admit that they do not know what to do with their excessive profits. The Chancellor chose to protect that tax break for the energy giants and let the cost land on working people. He also chose to ignore Labour’s calls to scrap non-dom status, which is currently costing us more than £3 billion a year. Why will the Government not undertake that policy? If Labour was in government, we would be stretching every sinew to generate revenue for the hard-working people of our country.

[Peter Dowd]

When the Tories came to power in 2010, national debt was just under £1 trillion, yet I remind Conservative Members that it is now £2.4 trillion—so much for the party of sound finance.

[Tulip Siddiq]

As always, my hon. Friend is right, as is his point about how every time the Conservatives bring in a fiscal rule about lowering debt, they end up breaking it.