Extract from Commons statement on Russian Oil Import Ban - Mar 9

Dr Andrew Murrison (South West Wiltshire) (Con): The Government are right to be cautious about windfall taxes, but it is worth Conservative Members remembering that it was Baroness Thatcher who introduced them in 1981. Given the extraordinary profits particularly of BP and Shell in recent times, and given the very real prospect of simply unaffordable bills landing on our constituents’ doormats in the near future, will the Government at least keep that option open?

The Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng): My right hon. Friend is well versed in departmental responsibilities and he will know that issues to do with taxation are squarely within the remit of the Chancellor of the Exchequer. I personally feel that a windfall tax is not the way to go in this moment, because there is huge uncertainty about investment in the North sea as it is. If we were to entertain the idea of a windfall tax, that would simply frighten the investment, destroy jobs and destroy wealth creation. I do not think that is in anyone’s interest.

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