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To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment she has made of the balance between water company revenues and profits and the affordability of water bills for customers.
To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment she has made of the balance between water company revenues and profits and the affordability of water bills for customers.
Around 1 million households are projected to be in water poverty by 2030, based on water companies’ PR24 business plans. Ofwat’s June Cost of Living Report highlights affordability pressures. We expect companies to continue supporting customers struggling with bills, alongside Government action to reform the Guaranteed Standards Scheme and WaterSure.
Bank Windfall Taxation
I rise to present this petition on a windfall tax on the banks in the autumn Budget, further to a corresponding online petition signed by over 13,000 people. This petition of residents of the United Kingdom states that a windfall tax on the super-profits of banks, like that...
Bank Windfall Taxation
I rise to present this petition on a windfall tax on the banks in the autumn Budget, further to a corresponding online petition signed by over 13,000 people. This petition of residents of the United Kingdom states that a windfall tax on the super-profits of banks, like that...
I rise to present this petition on a windfall tax on the banks in the autumn Budget, further to a corresponding online petition signed by over 13,000 people. This petition of residents of the United Kingdom states that a windfall tax on the super-profits of banks, like that introduced on...
I rise to present this petition on a windfall tax on the banks in the autumn Budget, further to a corresponding online petition signed by over 13,000 people. This petition of residents of the United Kingdom states that a windfall tax on the super-profits of banks, like that introduced on...
To ask the Secretary of State for Education, what her policy is on private companies providing music lessons in state-funded schools during school time and making profits as a result.
To ask the Secretary of State for Education, what her policy is on private companies providing music lessons in state-funded schools during school time and making profits as a result.
To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment her Department has made of the proportion of water-company revenues that has been distributed to shareholders since privatisation.
To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment her Department has made of the proportion of water-company revenues that has been distributed to shareholders since privatisation.
Ofwat is the independent economic regulator for the water industry. Ofwat routinely monitors the financial performance of water companies. It publishes its assessment of company income, revenues, dividends, and performance against incentives.
Ofwat will be replaced by an integrated regulator with greater insight into company finances and enhanced enforcement tools.
That this House notes that the combined annual profits of the four largest UK banks have doubled to £48 billion in the five years to 2025, mostly due to a tax glitch which gifted an unanticipated windfall of £86 billion since 2022; further notes that a fair and pragmatic windfall tax would raise approximately £19 billion per annum, which equates to the estimated costs of the PM’s proposed National Care Service, or could fund both a £90 cut in a typical household’s annual fuel bill, if used to replace the artificial impact of the so-called renewable levy, and a 5% VAT cut for hospitality businesses; also notes that tech giants pay only 2% on their declared UK profits and that an increase to just 10% would raise a further £4 billion per annum; and calls on the Chancellor of the Exchequer to carefully consider these factors, along with those contained in EDM 939 and EDM 940 as part of a comprehensive and equitable approach to fiscal policy in the forthcoming Budget, acknowledging the collective measures would help the government combat widening inequality.
That this House notes that the combined annual profits of the four largest UK banks have doubled to £48 billion in the five years to 2025, mostly due to a tax glitch which gifted an unanticipated windfall of £86 billion since 2022; further notes that a fair and pragmatic windfall...
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of profits from the Crown Estate in Wales being paid directly into the Welsh Consolidated Fund.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of profits from the Crown Estate in Wales being paid directly into the Welsh Consolidated Fund.
The Crown Estate's revenue account profits are returned to the UK Consolidated Fund and support public services across the United Kingdom, including in Wales. Any transfer of Crown Estate revenues to the Welsh Consolidated Fund would need to be considered alongside the Welsh Government's wider funding arrangements, including the operation of the fiscal framework and any associated block grant adjustment, to avoid a double benefit.
That this House notes that major banks have made tens of billions of pounds in additional profits as interest rates have increased in recent years; further notes that this has happened while millions of people struggle with higher mortgage payments and rents and a wider cost-of-living crisis; also notes analysis estimating that a tax on bank windfall profits could raise up to £15 billion a year; recognises that the Government rightly applied a windfall tax to the super-profits of oil and gas companies; believes that the same principle should apply to the banks; and further believes that the Government should introduce a tax on bank windfall profits, with the revenues used to support people with the cost-of-living and to invest in public services.
That this House notes that major banks have made tens of billions of pounds in additional profits as interest rates have increased in recent years; further notes that this has happened while millions of people struggle with higher mortgage payments and rents and a wider cost-of-living crisis; also notes analysis...
A briefing on North Sea oil and gas in the UK and its impact on energy security, the economy and jobs, and the climate and the environment.
A briefing on North Sea oil and gas in the UK and its impact on energy security, the economy and jobs, and the climate and the environment.
To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the total fiscal yield generated by the Energy Profits Levy.
To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the total fiscal yield generated by the Energy Profits Levy.
The Office for National Statistics publishes monthly updates on public sector current receipts. Since its introduction in 2022 until July 2026, the Energy Profits Levy has raised £13.5bn on an accruals basis.
Motion that this House has considered e-petition 762640 relating to a referendum on public ownership of the water sector. Agreed to on question. Sitting adjourned without Question put.
Motion that this House has considered e-petition 762640 relating to a referendum on public ownership of the water sector. Agreed to on question. Sitting adjourned without Question put.
I beg to move,
That this House has considered e-petition 762640 relating to a referendum on public ownership of the water sector.
It is a pleasure to serve under your chairmanship, Mrs Barker. I begin by thanking Ashley Paul Smith, who is sitting in the Public Gallery, for pulling together this petition....
I beg to move,
That this House has considered e-petition 762640 relating to a referendum on public ownership of the water sector.
It is a pleasure to serve under your chairmanship, Mrs Barker. I begin by thanking Ashley Paul Smith, who is sitting in the Public Gallery, for pulling together this petition....
That brilliant documentary was based on an example relating to South West Water and Devon. Many people in my area would like South West Water to become a company for the public benefit and mutualised. Does the hon. Gentleman agree that that would be a good model for South West...
That brilliant documentary was based on an example relating to South West Water and Devon. Many people in my area would like South West Water to become a company for the public benefit and mutualised. Does the hon. Gentleman agree that that would be a good model for South West...
As I run through my speech, the hon. Gentleman will find a theme of strong support for public ownership of the water sector throughout. We absolutely must look at that option.
Ash’s petition calls for
“a binding national referendum on whether the water industry should be returned to public ownership…A referendum would...
As I run through my speech, the hon. Gentleman will find a theme of strong support for public ownership of the water sector throughout. We absolutely must look at that option.
Ash’s petition calls for
“a binding national referendum on whether the water industry should be returned to public ownership…A referendum would...
rose—
rose—
rose—
rose—
Go on.
Go on.
My constituents in Morecambe and Lunesdale are really cross about the level of their water bills, and they get more cross when they see the profits being taken out of the water industry. Does my hon. Friend agree that that anger is fair and justified, and that some change needs...
My constituents in Morecambe and Lunesdale are really cross about the level of their water bills, and they get more cross when they see the profits being taken out of the water industry. Does my hon. Friend agree that that anger is fair and justified, and that some change needs...
I absolutely agree that there is huge frustration out there, which I will refer to later in my speech. I give way to my other hon. Friend.
I absolutely agree that there is huge frustration out there, which I will refer to later in my speech. I give way to my other hon. Friend.
My constituents in Putney are angry about Thames Water. They can see that they are paying more but getting less because of the model that we have. Does my hon. Friend agree that Thames Water needs to go into special administration and that all our water companies need to be...
My constituents in Putney are angry about Thames Water. They can see that they are paying more but getting less because of the model that we have. Does my hon. Friend agree that Thames Water needs to go into special administration and that all our water companies need to be...