Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the energy profits levy on government revenue.

The Office for Budget Responsibility’s (OBR) forecast at Spring Statement 2025 estimated that revenues from the Energy Profits Levy (EPL) will be £10.8 billion between 2025-26 and 2029-30. This is in addition to more than £10 billion in tax revenues already raised through the EPL since its introduction.

A full breakdown of revenue projections for all North Sea oil and gas taxes is available in the OBR’s Economic and Fiscal Outlook, published at Spring Statement 2025 (https://obr.uk/efo/economic-and-fiscal-outlook-march-2025/). Information on tax receipts already raised by the EPL is published and regularly updated by the Office for National Statistics (ONS) (https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/datasets/appendixdpublicsectorcurrentreceipts).