The Energy Profits Levy Bill - Clause 1

Asked for clarity on what the Government regards as normal oil and gas prices, emphasising the need to define this threshold clearly to encourage industry investment. He questioned why such specifics were not included in the Bill text.

Asked for additional clarity on how the Government defines normal prices, echoing concerns about investment certainty without a clear price threshold.

Supports the amendment, citing soaring profits of oil producers amid a cost-of-living crisis and arguing that it is fair to levy a windfall tax. Criticises the delay in implementing such measures and highlights potential loopholes like multiple home payments for £400 support funds.

Intervenes to question why Labour is not looking at a wider profits levy on companies like Tesco, which have also seen significant profit increases during the pandemic.

Argues against the amendment, stating that it would harm successful British industries like oil and gas. He questions Labour's commitment to those employed in these sectors.

Proposes a levy that aims to support people in the cost of living crisis but also seeks balance for long-term investment. Argues against poorly drafted levies as they could stifle growth and job creation, especially for SMEs and decarbonisation projects.

Supports the principles of the levy but criticises the Government's lack of certainty regarding oil price thresholds for lifting the levy and the absence of incentives for renewable technologies. Also highlights the need for climate change considerations.

Congratulates the hon. Member for Wakefield on delivering his maiden speech.

Supports a windfall tax on oil and gas companies but criticises the Government's delayed response. She argues for backdating the levy to last October, stating that more could have been raised if action had been taken earlier. Hobhouse also questions the exemption of companies investing in new exploration and calls for greater incentives for renewable energy investment.

Asked about when Labour's shadow Ministers last met industry representatives in Aberdeen to discuss their views on the windfall tax bill.

Requested an intervention but did not make a statement within the provided text.

The Government is introducing a temporary, targeted levy to fund cost of living support and encourage companies to invest. The levy will raise £5 billion compared to Labour's proposal of £1.2 billion. Industry representatives have welcomed the investment allowance included in the levy as it makes domestic oil and gas projects more attractive for companies extracting oil and gas in the UK.

Asked for clarity on what 'reserve' means regarding the Scottish carbon capture infrastructure cluster, questioning whether it is a tactic to keep the industry in reserve or if it implies that one of the selected projects might fail.

Asked for confirmation on whether the levy would cease if oil prices fall to around $60 or $70 a barrel, seeking clarity on how this affects industry and investment.