Oral Answers to Questions

Virendra Sharma Excerpts

Tuesday 29th March 2022 Commons Chamber

The Secretary of State was asked—

[Mr Virendra Sharma (Ealing, Southall) (Lab)]

2. What steps he is taking to support households affected by the increase in energy prices in April 2022.

[The Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng)]

As the hon. Gentleman knows, the energy price cap continues to protect consumers in a world where gas prices have more than quintupled in a year, and I strongly expect that it will continue to do so.

[Mr Sharma]

I thank the Secretary of State for that answer. Given the pressure that families are facing in this cost of living crisis, does he agree that the best way to help families to pay their bills is through a windfall tax on oil and gas producers in the North sea to give the poorest up to £600 off their bills?

[Kwasi Kwarteng]

As the hon. Gentleman will know, we believe that a windfall tax in this situation would be a tax on jobs, destroy investment and add to the uncertainty in oil markets. It would send completely the wrong message to investors, as well as to people who are invested in markets. Every one of us, anyone with a pension, would be adversely affected by such a tax.