Extracts from Commons debate on the Autumn Statement: Shell - Nov 21

Kerry McCarthy (Bristol East) (Lab):...It was notable that although the autumn statement included the windfall tax, there was no move to scrap the investment allowance. Basically, that means that the Government are taking away with one hand and giving back with the other. It means that a company such as Shell  which has made record profits, has not had to pay any tax at all on those profits...

Zarah Sultana (Coventry South) (Lab): Earlier this month, it was revealed that pay for FTSE100 bosses is up nearly 25% this year—their average salary now stands at almost £4 million pounds. Just before that, oil giants BP and Shell announced record quarterly profits of £7 billion and £8 billion pounds respectively. Although billionaires and big corporations are making eye-watering fortunes across the board, the Chancellor is not making them pay for the “difficult decisions” that he says he has to make. His difficult decision is austerity 2.0: slashing £30 billion from public spending, raising taxes on ordinary people, and denying fair pay for nurses and the other keyworkers the Government clapped for. Well, clapping does not pay the bills...