Jonathan Edwards
Main Page: Jonathan Edwards (Independent - Carmarthen East and Dinefwr)Department Debates - View all Jonathan Edwards's debates with the HM Treasury
Russia: UK Companies
Jonathan Edwards Excerpts(1 year, 5 months ago)
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James Cartlidge
I always enjoyed working with the hon. Gentleman in my previous position at the Ministry of Justice. He makes an extremely powerful point. The abuses that we have seen have been horrific, and he is right to draw attention to them. A great range of activities are taking places in that regard—for example, the significant support that we have given to the International Criminal Court at The Hague so that it can look into those abuses. Of course, it will be very difficult until we get a resolution to the conflict, which is why the most important thing we can do in all these cases is to continue supporting the people of Ukraine, their armed forces and the humanitarian effort.
Jonathan Edwards (Carmarthen East and Dinefwr) (Ind)
I fully support the right hon. Member for Barking (Dame Margaret Hodge) in her efforts. Would not one way to dissuade UK companies from investing in Russian oil assets and to encourage disinvestment be to prohibit any such companies from benefiting from the North sea windfall tax investment allowance?
James Cartlidge
The hon. Gentleman asks an interesting question, knitting together two points. To be fair to him, I have to say that he has consistently attended all the recent Treasury debates at which I have been present. I am grateful to him for that.
We should not confuse divesting and investing. We are clear that there is an outright ban on investing in Russia: the Prime Minister said back in March, when he was Chancellor, that there was “no case” for such investment. Divestment is happening. It is a process that for some companies will take time, but I think we are all clear that we want to see it happening.
The hon. Gentleman is absolutely right to highlight the windfall tax. While it will raise more than £40 billion to support our economy, help us fund public services and, above all, support people with energy bills this winter, it does have a generous allowance. Let me be clear about the reason why, which goes back to my answer to my hon. Friend the Member for Barrow and Furness (Simon Fell): while we want to raise funds from the levy, we also want to incentivise investment in energy security. Ultimately, the long-term answer to the question of how to defend ourselves against being held to ransom over energy prices is by ensuring our energy security for the future.