Angela Eagle
Main Page: Angela Eagle (Labour - Wallasey)Department Debates - View all Angela Eagle's debates with the HM Treasury
(1 year, 11 months ago)
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Dame Angela Eagle (Wallasey) (Lab)
If the excess profits of the energy companies persist beyond this year, will the windfall tax persist? Will the Chancellor explain how the sunset clause works? Will he also explain why, when his super-deduction of 130% of investment has so far failed to spark the kind of investment he thought it would, he thinks a 90% investment allowance for the oil and gas companies will work?
Rishi Sunak
We will put a backstop sunset clause in the legislation with the energy profits levy. It will remain in place until prices return to a more normal level. In the past, that was specified specifically. We will take the time to get that right, but it will not be automatic in 12 months. It will depend on when prices return to a more normal level.