Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of ending the investment allowance within the Energy Profits Levy on investment in the (a) economy and (b) energy transition.

In July, the Government announced its intention to remove the Energy Profits Levy’s (EPL) 29% main investment allowance. Further details of final policy and impacts will be announced at Budget.

A key outcome of the government’s clean energy mission will be greater energy security and independence. The government will achieve a phased and responsible transition by taking a proportionate approach that ensures the oil and gas sector continues to play a role whilst contributing more towards our clean energy transition.