Oil and Gas Exploration: Subsidies

Part of Energy Security and Net Zero – in the House of Commons on 23 May 2023.

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Photo of Graham Stuart Graham Stuart Minister of State (Department for Energy Security and Net Zero)

Only for Labour Members—and perhaps some other people on the Opposition side of the House—is it possible to have a 75% tax on the sector, with the levy alone bringing in £25.9 billion between 2022-23 and 2027-28, and then talk about subsidy. Tens of billions of pounds come from the oil and gas sector in this country, and it provides energy security, keeps the lights on and keeps people warm. If the hon. Gentleman’s party were in power, it would cut off domestic supply, weaken energy security and slow down our transition. In every way, they get it wrong.