Cost of Living: Energy Prices

Part of Treasury – in the House of Commons at on 20 June 2023.

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Photo of David Duguid David Duguid Conservative, Banff and Buchan

When the energy profits levy was introduced to help the Government’s support of household energy bills, I welcomed the investment tax allowance that was introduced along with it on new oil and gas for energy security. In recent weeks, I also welcomed the Exchequer Secretary’s announcement in Aberdeen of a price floor in the form of an energy security investment mechanism, at which the EPL will be removed. The devil, of course, will be in the detail. I welcome the Treasury’s ongoing engagement and dialogue with the oil and gas industry, but will the Minister commit to a regular, perhaps quarterly, fiscal forum with the industry, as used to happen prior to covid? Does he agree that Labour’s plans to ban all new oil and gas is based on ideology and not a pragmatic approach to this country’s energy security and net zero?