Question to the HM Treasury:

To ask Her Majesty's Government whether they will review their decision not to impose a windfall tax on energy companies in response to the increased cost of living.

The Government is introducing the Energy Profits Levy, a new 25% surcharge on the extraordinary profits the oil and gas sector is making.

The new Energy Profits Levy will raise around £5 billion over the next year which will go towards supporting people through the new cost of living measures announced by the Chancellor.

As part of the levy, a new tax relief is being introduced to encourage firms to invest in the UK. The new 80% Investment Allowance means businesses will overall get a 91p tax saving for every £1 they invest.