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Amendment of the Law

Part of the debate – in the House of Commons at 3:14 pm on 23rd March 2011.

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Photo of Brandon Lewis Brandon Lewis Conservative, Great Yarmouth 3:14 pm, 23rd March 2011

Like the hon. Lady, I represent an area in which the oil and gas industry is prevalent. Does she agree that the measures that the Chancellor has taken today deal with the problem that arises when there is effectively a windfall for companies because of oil prices? In the long run, the change will be neutral to the taxpayer and the companies will not be at a loss. It just deals with what are effectively windfall profits that they have received because of the current high oil prices, to the benefit of the consumer.