The Parliamentary Secretary, HM Treasury
Conservative Peer
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Draft Tax Credits, Child Benefit and Guardian’s Allowance Up-rating Regulations 2023; The Draft Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2023 – Baroness Penn.
The energy profits levy was introduced in May 2022 to respond to very high prices that mean that oil and gas companies are benefiting from exceptional profits. In the Autumn Statement, the Government confirmed that the rate of the levy would rise by 10 percentage points to 35%. This brings the combined headline rate for tax for the sector to 75%. The OBR forecasts that the levy alone could...
I absolutely agree with the noble Baroness on the importance of protecting consumers, including vulnerable consumers. We have the energy price guarantee and other support for them, for example, through increasing rates of universal credit. I completely agree with her on the need to focus on energy efficiency, but I disagree on her interpretation of the current regime as having...
More of Baroness Penn’s recent appearances
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Entered the House of Lords on 10 October 2019
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