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Autumn Statement Resolutions

My right hon. Friend puts it perfectly. These are significant changes for the industries concerned and one should not go about it in a wanton fashion. We have to try to carry the industry with us, which is why, for example, we have a very generous investment allowance in the North sea levy. As I said, I think the wider public support that but he is right that we have to go about it pragmatically to ensure that we balance the interests of investment with raising the revenue.

Let us not forget that that revenue is going to fund support for energy bills at an extraordinary level through the energy price guarantee, which the OBR now estimates will cut £900 from the typical energy bill this winter. Next year, with the new energy price guarantee, a further £500 will be cut. We are taking these difficult measures to be compassionate and help those at the bottom the most: earlier this year, the amount of energy support for the most vulnerable was £650; next year, it will be £900. We are taking serious steps to support the most vulnerable.