This Library briefing gives an overview of how the profits from North Sea oil and gas production are taxed, and how the fiscal regime has been reformed in recent years.

This Library briefing gives an overview of how the profits from North Sea oil and gas production are taxed, and how the fiscal regime has been reformed in recent years.

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of calculating benefit-in-kind tax on used electric company vehicles using original P11D list prices on (a) demand in the used electric vehicle market and (b) businesses operating in the vehicle leasing and rental sector.

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of calculating benefit-in-kind tax on used electric company vehicles using original P11D list prices on (a) demand in the used electric vehicle market and (b) businesses operating in the vehicle leasing and rental sector.

The hon. Gentleman raises an important issue. The way to get bills down is to drive for clean energy, which the Conservatives oppose. Why have bills gone up in the last few months? Because of the Iran war. [Interruption.] They know that they have gone up because of the Iran war—

The hon. Gentleman raises an important issue. The way to get bills down is to drive for clean energy, which the Conservatives oppose. Why have bills gone up in the last few months? Because of the Iran war. [Interruption.] They know that they have gone up because of the Iran war—

During the election, the Government promised to cut bills by £300; in fact, they have gone up by £300. With that level of financial acumen, the Secretary of State will fit right in, in his new job at the Treasury, but my constituents and local businesses want their bills cut now, not at some nebulous point in the future. When he gets to the Treasury, will he remove the taxes on our energy industry, to ensure that bills actually come down?

During the election, the Government promised to cut bills by £300; in fact, they have gone up by £300. With that level of financial acumen, the Secretary of State will fit right in, in his new job at the Treasury, but my constituents and local businesses want their bills cut now, not at some nebulous point in the future. When he gets to the Treasury, will he remove the taxes on our energy industry, to ensure that bills actually come down?

Motion that provision may be made increasing the rate of the electricity generator levy to 55%. Agreed to on question.

Motion that provision may be made increasing the rate of the electricity generator levy to 55%. Agreed to on question.

I beg to move,

That provision may be made increasing the rate of the electricity generator levy to 55%.

I beg to move,

That provision may be made increasing the rate of the electricity generator levy to 55%.

The Chancellor has committed to doing what she can to support families and businesses to be responsive in a changing world and responsible in the national interest. The measures before the House assist the Government in that objective.

The way that the current energy system works means that households and businesses...

The Chancellor has committed to doing what she can to support families and businesses to be responsive in a changing world and responsible in the national interest. The measures before the House assist the Government in that objective.

The way that the current energy system works means that households and businesses...

For covid!

For covid!

The hon. Gentleman says it was for covid, but he forgot to mention Liz Truss.

This Government’s record shows that despite that instability, our plan is working. UK GDP growth in the past two years was the second fastest in the G7. Real household disposable income per person has grown by...

The hon. Gentleman says it was for covid, but he forgot to mention Liz Truss.

This Government’s record shows that despite that instability, our plan is working. UK GDP growth in the past two years was the second fastest in the G7. Real household disposable income per person has grown by...

I thank the Minister for his very clear laying out of the measures before us. May I say that sometimes there is no place for partisanship? Perhaps we have had a taste of that today.

I have a series of questions for the Minister. As I did not have a chance...

I thank the Minister for his very clear laying out of the measures before us. May I say that sometimes there is no place for partisanship? Perhaps we have had a taste of that today.

I have a series of questions for the Minister. As I did not have a chance...

I do not intend to detain the House for long. I welcome the motion to increase the electricity generator levy, which—alongside the Government’s plans to encourage participation at a competitive price in long-term fixed contracts for low-carbon generators—will weaken the link between electricity and gas prices, with the overall effect...

I do not intend to detain the House for long. I welcome the motion to increase the electricity generator levy, which—alongside the Government’s plans to encourage participation at a competitive price in long-term fixed contracts for low-carbon generators—will weaken the link between electricity and gas prices, with the overall effect...

The electricity generator levy is a windfall tax on UK electricity generation from nuclear, renewable and biomass sources, and it raised £0.7 billion in the last financial year. The EGL is a revenue-based tax that currently applies at a rate of 45% on exceptional generation receipts above a benchmark price...

The electricity generator levy is a windfall tax on UK electricity generation from nuclear, renewable and biomass sources, and it raised £0.7 billion in the last financial year. The EGL is a revenue-based tax that currently applies at a rate of 45% on exceptional generation receipts above a benchmark price...

I thank all those who have spoken, and I thank my hon. Friend the Member for Chesterfield (Mr Perkins) for his warm remarks. I will respond to the points made by the shadow spokespeople. I assume that this change will appear as a line item, although I would not want...

I thank all those who have spoken, and I thank my hon. Friend the Member for Chesterfield (Mr Perkins) for his warm remarks. I will respond to the points made by the shadow spokespeople. I assume that this change will appear as a line item, although I would not want...

I am grateful to the Minister for clarification that there is active consideration of an end date for that higher rate of 55%, but he will know that the 45% rate had an end date too. Will the review also consider announcing the end date for the levy overall, or...

I am grateful to the Minister for clarification that there is active consideration of an end date for that higher rate of 55%, but he will know that the 45% rate had an end date too. Will the review also consider announcing the end date for the levy overall, or...

As the shadow Minister will know, all tax rates, thresholds and the design of tax policy are considered in the round in the run-up to Budgets. With the key policy intention of the increase in the rate, and by extension the decision to continue the policy in any form, one...

As the shadow Minister will know, all tax rates, thresholds and the design of tax policy are considered in the round in the run-up to Budgets. With the key policy intention of the increase in the rate, and by extension the decision to continue the policy in any form, one...

Could the Minister just remind us to which party the Chief Secretary to the Treasury between 2010 and 2015 belonged?

Could the Minister just remind us to which party the Chief Secretary to the Treasury between 2010 and 2015 belonged?

I am not sure. I have been in the Chief Secretary’s office in the Treasury, and there are many pictures on the wall of the countless Chief Secretaries who served under the last Government—especially towards the end, what with all the chopping and changing. However, both the Liberal Democrats and...

I am not sure. I have been in the Chief Secretary’s office in the Treasury, and there are many pictures on the wall of the countless Chief Secretaries who served under the last Government—especially towards the end, what with all the chopping and changing. However, both the Liberal Democrats and...

To ask the Chancellor of the Exchequer, whether she will be consulting on the design of the energy bill levy framework.

To ask the Chancellor of the Exchequer, whether she will be consulting on the design of the energy bill levy framework.

To ask the Chancellor of the Exchequer, when the energy bill levy framework will be introduced.

To ask the Chancellor of the Exchequer, when the energy bill levy framework will be introduced.