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Proceeding contribution from James Cartlidge (Conservative) in the House of Commons on Tuesday, 22 November 2022. It occurred during Budget debate on Autumn Statement Resolutions.


Autumn Statement Resolutions

In my short time in this job, I have tried to cram a lot of facts into my head, but I do not have that split immediately to hand. I will write to the hon. Gentleman after raising the matter with my officials.

To return to windfall taxes, in that context, we will increase the energy profits levy from 25% to 35% from 1 January until March 2028. We have also decided to introduce a new temporary 45% levy on electricity

generators to reflect the fact that the way our energy market is structured also creates windfall profits for low-carbon electricity generation. Together, those taxes will raise more than £14 billion for the public purse next year.


Secondary information

Type
Proceeding contribution
Reference
723 cc175-6 
Session
2022-23
Chamber / Committee
House of Commons chamber
Subjects
Business Health services Energy Economic situation Inflation Pay Public sector Profits Public finance Taxation Economic recession Autumn statement Cost of living
Legislation
Energy (Oil and Gas) Profits Levy Act 2022
Finance Bill 2022-23
Link
View this Proceeding contribution on hansard.parliament.uk