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Speech in Commons Chamber - Mon 21 Nov 2022
Autumn Statement Resolutions

"I have declared my business interests in the Register of Members’ Financial Interests.

This autumn statement is quite easy to characterise: it will increase spending a lot, it will increase taxation revenue a lot and it will increase borrowing. I do not recognise all the descriptions by the commentariat and …..."
Lord Redwood - View Speech

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Speech in Commons Chamber - Tue 01 Nov 2022
UK Infrastructure Bank Bill [Lords]

"Can the Chief Secretary explain why the bank is investing in a very expensive cable electricity link between the United Kingdom and Germany, given that we are in the same time zone and have similar weather, and both countries are chronically short of electricity capacity? It does not sound like …..."
Lord Redwood - View Speech

View all Lord Redwood (Con - Life peer) contributions to the debate on: UK Infrastructure Bank Bill [Lords]
Speech in Commons Chamber - Mon 24 Oct 2022
Out-of-Turn Supplementary Estimates 2022-23

"Can the Minister give the House some idea of how sensitive the putative cost of £60 billion until March is to the actual prices of gas and electricity? Is there a possibility that, with lower prices, it might be considerably less?..."
Lord Redwood - View Speech

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Speech in Commons Chamber - Mon 24 Oct 2022
Out-of-Turn Supplementary Estimates 2022-23

"I am glad the Minister agreed that the £60 billion for the energy scheme will of course adjust according to market prices, and let us hope that the current downward trend in some of the gas prices is continued. We need a mild winter and other bits of good fortune, …..."
Lord Redwood - View Speech

View all Lord Redwood (Con - Life peer) contributions to the debate on: Out-of-Turn Supplementary Estimates 2022-23
Speech in Commons Chamber - Mon 17 Oct 2022
Economic Update

"What will the impact of these measures be on the growth rate, and will we still avoid recession?..."
Lord Redwood - View Speech

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Speech in Commons Chamber - Fri 23 Sep 2022
The Growth Plan

"I strongly welcome the growth plan and the tax cuts that will help deliver it. Does the Chancellor agree that there are more obstacles to be swept aside so that we can grow more of our own food, produce more of our own energy and supply more of our goods, …..."
Lord Redwood - View Speech

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Speech in Commons Chamber - Tue 28 Jun 2022
Delivery of Public Services

"Does the right hon. Member agree with me that if you wish to improve service you do not go on strike and if you wish to pay for higher wages you do not go on strike? Will he give that advice to the rail unions?..."
Lord Redwood - View Speech

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Speech in Commons Chamber - Tue 28 Jun 2022
Delivery of Public Services

"When I asked representatives of the Health Department how many chief executives there were in NHS England, they said that they did not know. Has my right hon. Friend had any more success than I have in finding out how much senior management there is, how it is aligned with …..."
Lord Redwood - View Speech

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Speech in Commons Chamber - Mon 13 Jun 2022
UK Gross Domestic Product

"Why are the UK Government the only Government of an advanced country making a big increase in the tax burden this year and next, at exactly the same time as we are seeing very necessary monetary tightening to control inflation and a huge hit to net incomes from that inflation …..."
Lord Redwood - View Speech

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Written Question
Offshore Industry: Taxation
Monday 13th June 2022

Asked by: Lord Redwood (Conservative - Life peer)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of the (a) windfall tax on oil and gas producer profits and (b) planned increase in corporation tax on the UK's position in global league tables of the best places to do business.

Answered by Helen Whately - Shadow Secretary of State for Work and Pensions

The UK’s oil and gas ring fence tax regime balances attracting investment with ensuring a fair return for the nation.

The Energy Profits Levy is an additional, temporary tax which reflects the extraordinary global context. It will raise around £5 billion over the next year. The OBR will take account of this policy in their next forecast.

The UK’s rate of Corporation Tax is currently 19%.

To balance the need to raise revenue with having an internationally competitive tax system, the Chancellor announced at Spring Budget 2021 that the rate of Corporation Tax would increase to 25% from April 2023, after the point at which the economy is expected to recover to its pre-pandemic level. 25% is the lowest rate of tax in the G7.