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To ask His Majesty's Government whether they are planning to increase the Energy Profits Levy.
To ask His Majesty's Government whether they are planning to increase the Energy Profits Levy.
The Government introduced a temporary windfall tax, the Energy Profits Levy (EPL), on extraordinary profits from oil and gas companies in 2022. The EPL currently levies 38% tax on profits in addition to the 40% rate of tax in the permanent fiscal regime
The EPL will come to an end either on 31 March 2030 or earlier if the Energy Security Investment Mechanism (ESIM) triggers, and will be replaced by the permanent Oil and Gas Revenue Levy (OGRL) which will become a permanent feature of the tax system and operate only in times of high prices to ensure oil and gas companies continue to pay their fair share of tax.
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.
That this House recognises that access to affordable energy is a basic necessity and that no household should face a choice between heating their home and meeting other essential needs; notes that households continue to face significant financial pressure from energy bills following continued volatility in global gas markets; further notes that monopoly energy network operators are on course to receive up to £7 billion in unearned windfall profits under the current RIIO-2 price control framework, not through improved performance but through an unintended consequence of the regulatory system; believes those unexpected profits should be used to cut energy bills for all households rather than to enrich shareholders; also notes that this would help tackle the trend of rising energy debt, therefore supporting the resilience of our energy market; further believes that additional targeted support must be provided to vulnerable households and families with children facing high energy costs; notes reports that the Rt hon. Member for Makerfield is considering proposals similar to the Liberal Democrats' essential energy guarantee, which would provide every household with a discount on its essential energy consumption; urges him to commit to this approach for the benefit of everyone in Great Britain; and calls on the Government to bring forward permanent reforms to reduce energy bills, including a 10-year emergency home upgrade programme, reform of the electricity market to reduce reliance on global gas prices, and accelerated investment in home-grown renewable energy.
That this House recognises that access to affordable energy is a basic necessity and that no household should face a choice between heating their home and meeting other essential needs; notes that households continue to face significant financial pressure from energy bills following continued volatility in global gas markets; further...
To ask the Chancellor of the Exchequer, for what reasons some profits from (a) the Duchy of Lancaster and (b) the Duchy of Cornwall are not received by the Treasury.
To ask the Chancellor of the Exchequer, for what reasons some profits from (a) the Duchy of Lancaster and (b) the Duchy of Cornwall are not received by the Treasury.
The Duchies of Lancaster and Cornwall are private estates held in trust and do not involve taxpayers' money. It is a long-established principle that the annual net surpluses of the Duchies provides income for the Sovereign and the Prince of Wales respectively.
Lords statement on foreign interference in UK politics.
Lords statement on foreign interference in UK politics.
My Lords, I thank the Minister for the opportunity to ask questions on this Statement and thank Philip Rycroft for his thorough review. We on these Benches have consistently supported measures to tackle foreign interference in our democracy and recognise the value of Philip Rycroft’s review. However, an independent review...
My Lords, I thank the Minister for the opportunity to ask questions on this Statement and thank Philip Rycroft for his thorough review. We on these Benches have consistently supported measures to tackle foreign interference in our democracy and recognise the value of Philip Rycroft’s review. However, an independent review...
My Lords, I will resist the temptation to ask the Minister to remind us what consultation the previous Conservative Government carried out with either his party or mine over, for example, changing the electoral system for elections of mayors or expense limits for general elections.
Instead, to go to the heart...
My Lords, I will resist the temptation to ask the Minister to remind us what consultation the previous Conservative Government carried out with either his party or mine over, for example, changing the electoral system for elections of mayors or expense limits for general elections.
Instead, to go to the heart...
My Lords, I will come to that question at the end, if I may.
The Secretary of State commissioned Philip Rycroft to conduct an independent review of risks posed by foreign financial influence in UK politics. In March, we welcomed Mr Rycroft’s comprehensive assessment and announced immediate plans to accept two...
My Lords, I will come to that question at the end, if I may.
The Secretary of State commissioned Philip Rycroft to conduct an independent review of risks posed by foreign financial influence in UK politics. In March, we welcomed Mr Rycroft’s comprehensive assessment and announced immediate plans to accept two...
My Lords, the noble Lord, Lord Lemos, referred to me. In opening, I echo what the noble Lord, Lord Pack, said. I am pleased to see the noble Lord, Lord Kennedy, in his seat, since I notified him that I intended to quote him. On 15 July 2022, he said:
“I...
My Lords, the noble Lord, Lord Lemos, referred to me. In opening, I echo what the noble Lord, Lord Pack, said. I am pleased to see the noble Lord, Lord Kennedy, in his seat, since I notified him that I intended to quote him. On 15 July 2022, he said:
“I...
I am indeed a product of Dulwich College, which only goes to show that it is not the school’s fault. I am sorry to say that I am older than Nigel Farage, and I am tempted to make jokes about bins and recycling—but I will not, because the Chief Whip...
I am indeed a product of Dulwich College, which only goes to show that it is not the school’s fault. I am sorry to say that I am older than Nigel Farage, and I am tempted to make jokes about bins and recycling—but I will not, because the Chief Whip...
My Lords, I welcome the Government’s acceptance of the recommendations of the Rycroft report. The Statement says:
“We will also strengthen our response to the wider influencing environment”.
Recommendation 16 specifically talks about think tanks. The other night, in a committee room upstairs, I listened to a number of experts on foreign...
My Lords, I welcome the Government’s acceptance of the recommendations of the Rycroft report. The Statement says:
“We will also strengthen our response to the wider influencing environment”.
Recommendation 16 specifically talks about think tanks. The other night, in a committee room upstairs, I listened to a number of experts on foreign...
I do not have anything to add on the noble Lord’s final point, other than that it sounds a bit like the Schleswig-Holstein question to me.
On the question about think tanks and so on, I have already said how the principle behind the Bill is that we are seeking to...
I do not have anything to add on the noble Lord’s final point, other than that it sounds a bit like the Schleswig-Holstein question to me.
On the question about think tanks and so on, I have already said how the principle behind the Bill is that we are seeking to...
I welcome the Government’s commitment to give the Electoral Commission more investigatory powers, including the power to require information from third parties, as the Rycroft review recommended. The devil will be in the detail on that. Other regulators have extensive powers to require information from third parties, to search premises,...
I welcome the Government’s commitment to give the Electoral Commission more investigatory powers, including the power to require information from third parties, as the Rycroft review recommended. The devil will be in the detail on that. Other regulators have extensive powers to require information from third parties, to search premises,...
The noble Lord raises a very important point in relation to information sharing. To address the asymmetry identified in the Rycroft review of the information-sharing provisions in the Bill, we will amend the Bill to establish a broad reciprocal statutory gateway for information sharing. Importantly, we will also extend the...
The noble Lord raises a very important point in relation to information sharing. To address the asymmetry identified in the Rycroft review of the information-sharing provisions in the Bill, we will amend the Bill to establish a broad reciprocal statutory gateway for information sharing. Importantly, we will also extend the...
My Lords, I have just returned from the Organization for Security and Co-operation in Europe Parliamentary Assembly, where I spent the last five days on behalf of the House. One of the issues that came up was that what is happening here is not unique to us. A number of...
My Lords, I have just returned from the Organization for Security and Co-operation in Europe Parliamentary Assembly, where I spent the last five days on behalf of the House. One of the issues that came up was that what is happening here is not unique to us. A number of...
I already have a date to meet the noble Lord, Lord Shamash, so we can certainly pick this up then. These potential breaches and allegations are matters for the Electoral Commission. It is our job to empower it to deal with them. I am sure that we will debate the...
I already have a date to meet the noble Lord, Lord Shamash, so we can certainly pick this up then. These potential breaches and allegations are matters for the Electoral Commission. It is our job to empower it to deal with them. I am sure that we will debate the...
My Lords, the noble Lord, Lord Pack, is too nice to have gone through everything that the Tories did without involving us, but one of the things they did was to bring in the requirement for ID for people casting a vote. However, those people living abroad, although they extended...
My Lords, the noble Lord, Lord Pack, is too nice to have gone through everything that the Tories did without involving us, but one of the things they did was to bring in the requirement for ID for people casting a vote. However, those people living abroad, although they extended...
My noble friend Lady Hayter will have to read my body language, I am afraid. I will not be drawn. Her arithmetic is correct. If those patterns emerge, I go back to the principle that we want to stop foreign interference in our politics. If we see these rules being...
My noble friend Lady Hayter will have to read my body language, I am afraid. I will not be drawn. Her arithmetic is correct. If those patterns emerge, I go back to the principle that we want to stop foreign interference in our politics. If we see these rules being...
On procedure, I suspect that on the Opposition Front Bench the lady doth protest too much, judging by what I hear about the precedents. It is rather a good thing that there is a vehicle, in the Representation of the People Bill, ready for the addition of the amendments that...
On procedure, I suspect that on the Opposition Front Bench the lady doth protest too much, judging by what I hear about the precedents. It is rather a good thing that there is a vehicle, in the Representation of the People Bill, ready for the addition of the amendments that...
I am starting to feel the need to defend the noble Baroness, Lady O’Neill, but will not fall into that temptation. On enforcement, one point
that I should perhaps have made and will make now is that we are increasing the fining powers of the Electoral Commission. I know that...
I am starting to feel the need to defend the noble Baroness, Lady O’Neill, but will not fall into that temptation. On enforcement, one point
that I should perhaps have made and will make now is that we are increasing the fining powers of the Electoral Commission. I know that...