Energy Producer Profit
Trends
(North East Fife) (LD):
Shell announced worldwide profits of £8.2
billion and £9 billion for the three-month period between July
and September and the three months to June. BP announced more
than double its profits for the same period. They have increased
their dividend payments and spent billions buying back their own
shares from the market. Shell says
that it does not expect to pay any windfall tax at all this year
and BP said that it would pay £678 million. Does the Minister
agree that, if the Government had implemented a proper windfall
tax that captured these things, we could be supporting offshore
customers such as my own in North East Fife?
The Exchequer Secretary to the Treasury (): Obviously, the hon.
Lady knows that we do not comment on the commercial decisions of
individual companies. What I can confirm is that the specific
levy to which she refers—the energy profits levy—will contribute
£40 billion to the Exchequer. We must remember that that £40
billion will play a key part in enabling us to afford the support
that we are giving to constituents throughout the United Kingdom
this winter and next year, which will total, for businesses and
households, more than £100 billion, and the Office for Budget
Responsibility has already found that that will help to reduce
inflation overall.
To read all the exchanges, OPEN HERE
Energy Costs: Fiscal
Support
(Kirkcaldy and Cowdenbeath)
(Alba): My constituency of Kirkcaldy and Cowdenbeath plays
host to energy giants Shell and
ExxonMobil; Seagreen and Berwick Bank wind farms, which supply
2.8 million homes in England with energy, are just off our
coastline. In such a land of energy plenty, it is perverse that
so many people live in poverty and that businesses struggle to
survive. Kirkcaldy ice arena is the oldest rink in the United
Kingdom and home to the Fife Flyers ice hockey team. It survived
world war two, fire, the financial crash and covid, but in
energy-rich Scotland it is struggling to pay its unavoidable
energy costs. What targeted support is the Chancellor going to
make available for energy-dependent companies such as the rink?
Will he meet me to discuss how best to tackle the problem?
The Chancellor of the Exchequer (): We have announced a
package of support for businesses this winter worth nearly £20
billion; it will help businesses throughout the United Kingdom,
including in Scotland. It includes special measures for
energy-intensive industries. We will shortly announce plans that
will take effect from next April.
