Baroness Kramer: ...associations. Typical households will soon be paying over £5,000 a year to service debt, driven largely by mortgage costs, and household saving rates have fallen sharply. The Government use tax-cutting rhetoric, but ordinary people face a tax-rising reality for at least the next five years, thanks to the freezing of thresholds—the noble Lords, Lord Sikka, Lord Northbrook and Lord...
Caroline Lucas: ...properly resourced and operational loss and damage finance fund has to be a litmus test of success, will the Minister commit to looking at new and additional forms of funding, including a permanent windfall tax on fossil fuel companies and a tax on high-emission travel, to deliver new finance and make polluters pay?
Sarah Dyke: ...families to struggle, without access to vital health services and with food inflation at 10%, while trying to manage sky-high mortgage repayments. The Government’s response is to claim to cut taxes while taking £45 billion a year through frozen thresholds and stealth tax hikes, and punishing those who are too sick to work or are unable to afford vital medical treatment. My constituents...
Imran Hussain: ...for that family, that just shows how woefully out of touch they really are. What that typical family needed to hear yesterday was a real plan to spread economic growth across the country: a proper windfall tax on oil and gas giants, who continue to make billions of pounds, a guarantee that the very richest will pay their fair share, as that family is doing, and a strategy not just to raise...
Drew Hendry: ...for the inflationary price increases in mortgages, rents and food and energy bills, which will still be higher than last year. I misspoke earlier when I said that the UK is still paying the highest tax for seven years; it is paying the highest tax for 70 years. No action today on people’s housing costs, no action on food prices, no action on energy costs, but never mind—at least...
Collette Stevenson: ...with the cost of energy. This week, the Scottish Government’s energy minister, Gillian Martin, wrote to the UK Government on the need for a new social tariff mechanism, to be funded from energy windfall taxes, which would support the people who need it most. Too many people are struggling to meet sky-high energy bills. Those bills are pushing more people into fuel poverty, and the UK...
Richard Burgon: Banks are taking advantage of higher interest rates to make bumper profits. A new poll shows that people have had enough, with big support for a one-off windfall tax on bank profits, yet the Government have chosen to slash the surcharge on bank profits. Is it not time for a windfall tax on excess bank profits to help people who are hit hard by this crisis?
Baroness Penn: ..., Lady Blake of Leeds, that we recognise the unprecedented profits made by oil and gas producers after Russia’s invasion of Ukraine. These profits represent not a return on investment but a windfall as a result of unprovoked war. It is therefore right that we introduced the energy profits levy on those windfall profits, bringing the tax rate on the profits of North Sea oil and gas...
Simon Lightwood: ...my maiden speech during debate on the Energy (Oil and Gas) Profits Levy Act 2022. It had taken seven long months of dither and delay for the Government finally to accept Labour’s calls for a windfall tax. Instead, they spent that time attacking us—proof that the Tories are out of touch. Months on, and we are still in the middle of a Conservative cost of living crisis: stagnant growth,...
Lucy Powell: ...We would bring in a fiscal responsibility lock, so that mortgage payers never again pay the price of Conservative failure. We would ban water bosses’ bonuses and clean up our rivers; end non-dom tax breaks and have more doctors and teachers; change planning laws to build more affordable homes; levy a proper windfall tax; and set up GB energy. We would make work pay, legislate for proper...
Caroline Lucas: To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing a tax on windfall profits from the banking sector.
Imran Hussain: ...Tory Government lurch from crisis to crisis. More than one in five of my constituents now live in fuel poverty, yet the Minister still comes here today with no real plans or solutions, and no real windfall tax on the booming profits of energy giants. Let me ask the Minister to put herself in the shoes of my constituents. What does she have to say to those who, frankly, have been abandoned...
Jeff Smith: ...charges and the demise of the energy bills support scheme, and the people who use the least energy, and those in the poorest households, are disproportionately worse off. At the same time, the windfall tax has massive loopholes costing billions. Would not closing those loopholes and extending more help to people during the cost of living crisis be the right thing to do?
Kerry McCarthy: ...season having to close early because they cannot get the staff to maintain seven-day-a-week opening. Despite record energy profits, the Prime Minister continues to refuse to implement a proper windfall tax, which we have been calling for. Our green prosperity plan would cut £53 billion off businesses’ energy bills by 2031. In the short term, we would help businesses to cut their plans...
Rhun ap Iorwerth: ...First Minister and I certainly agree on—that the UK Conservative Government could and should be doing so much more to ease the cost-of-living crisis. I've spelt out some of Plaid Cymru's ideas: a windfall tax on banks; a winter heating payment that doesn't depend on how cold the temperature gets—something introduced in Scotland; and extending the energy bills support scheme. These are...
Caroline Lucas: Will the Chancellor consider introducing a windfall tax on banks’ excess profits? The profits of the big four banks for the first half of this year were up 700% compared with 2020, yet the Bank of England is forecast to pay out as much as £42 billion in interest on reserves to banks in 2023, at the same time as the Government have cut the level of surcharge on banks’ profits by 60%.
Oil and Gas Windfall Tax - Question
Daisy Cooper: ..., why on earth are this Government about to take this anti-business measure of increasing the cost of recruiting people from abroad through an increased health surcharge, rather than reversing the tax cuts for the big banks, closing the loopholes in the windfall tax and clamping down on tax avoidance, as the Liberal Democrats have called for?
Oliver Dowden: ...the Labour party failed to do—and that sits alongside many measures we are taking to help people with the cost of living. We paid half of families’ energy bills last winter, funded by our 75% windfall tax, and we are freezing fuel duty, helping families with childcare and delivering on our pledge to reduce the debt. It may come as a surprise to her, but balancing the books means more...