Extract from Budget debate: Shell - Nov 2

Nadia Whittome (Nottingham East) (Lab): ...Days before COP26, the Budget could have announced an ambitious spending plan for a just transition to a low-carbon economy, creating thousands of jobs in the process. Instead, the Chancellor cut taxes on domestic flights and pledged just £7.5 billion of new money for climate and nature, which leaves a £55.4 billion gap in the investment we need to hit our net zero and nature targets.

Shell and BP paid zero tax on North sea oil in the last three years, and the Government have backed them with tax breaks and subsidies worth billions. Instead of bankrolling polluters, we should invest those billions in a green new deal. The Budget gives banks a £4 billion tax break while hiking taxes for working people to the highest level in 70 years...

To read the whole debate, CLICK HERE