Topical question asked in the House of Commons, by Jonathan Reynolds (Labour). It was answered on Tuesday, 7 June 2022 on behalf of the Department for Business, Energy and Industrial Strategy.

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Topical Questions

Question

I agree, but if the Business Secretary believes that integrity and honesty are important in all walks of life, he should have voted against the Prime Minister last night.

I welcome the Government’s U-turn on a windfall tax, but yet again they say one thing and do another. There is uncertainty about who the tax will apply to, and there is worry that the chaotic nature of the announcement could perversely incentivise investment in fossil fuels over renewables. Uncertainty and botched announcements are a feature of the Government, which is one reason why business investment has been so poor

under the Conservatives. When will the Business Secretary offer certainty to businesses on who exactly the Government intend to apply the tax to?

Answer

The hon. Member will know that issues relating to taxation are a matter for my right hon. Friend the Chancellor of the Exchequer. As far as the hon. Member’s windfall tax is concerned, I have always been opposed to such taxes on principle, and I continue to be opposed. I hope that this energy profits levy does not discourage investment; actually, it has features that do attract greater investment.

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Secondary information

Type

Oral question

Reference

715 cc667-8 

Session

2022-23

Oral question type

Supplementary

Chamber / Committee

House of Commons chamber

Subjects

Offshore industry Taxation

Link

View this Topical question on hansard.parliament.uk