North Sea Oil and Gas Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Kerry McCarthy
Main Page: Kerry McCarthy (Labour - Bristol East)Department Debates - View all Kerry McCarthy's debates with the Department for Business, Energy and Industrial Strategy
North Sea Oil and Gas
Kerry McCarthy Excerpts(2 years, 2 months ago)
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Greg Hands
My right hon. Friend makes a strong point. Of course the line from the Treasury—speaking as a former Treasury Minister—is that all taxes are always under review, but I repeat the words of the Chancellor from Thursday, that a windfall tax is “superficially appealing” but probably counterproductive. He reminded us that oil and gas companies pay corporation at twice the rate of non-oil and gas companies, and that the sector has already paid some £33.7 billion in taxes since the year 2010.
Kerry McCarthy (Bristol East) (Lab)
In November, the COP President was reduced to tears after ambitions to phase out fossil fuels were voted down at the last minute. Three months later, the UK Government are tanking efforts to keep us to 1.5º by approving these six new oilfields. It is not just about looking at the energy supply and demand in this country; it is about setting an example. If we are to approve this fossil fuel exploration, what is to stop other countries from following suit?
Greg Hands
I very much welcome the hon. Lady’s question and the chance to put on the record the brilliant job done by the COP President. At the start of the year running up to the conference, only 30% of global GDP was covered by a net zero commitment. That rose to 90% after the conference, which sets an example. I am the co-chair of the Powering Past Coal Alliance, an international group calling for the phasing out of coal—something I am proud of.