Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential (a) merits of requiring social media platforms to contribute to the costs of reimbursing victims of fraud and (b) impact of such a requirement on tackling fraud.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The government recognises that protecting the UK population from fraud, including is incredibly important. That is why we have agreed the Online Fraud Charter with the technology sector. Signatories, including some of the largest global tech companies, have committed to a number of actions to reduce fraud on their platforms and services including: blocking and reporting fraudulent activity, taking down fraudulent posts, and engaging with law enforcement.
More broadly, under the Online Safety Act, social media platforms will be required to establish systems and processes to remove both user generated fraudulent content and fraudulent advertising. If platforms do not comply, they may face fines of up to £18 million or 10% of their annual turnover, whichever is higher.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the forecast by the Office for Budget Responsibility of November 2022, what recent discussions he has had with that Office on the factors behind the projected increase in revenue from business rates.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
OBR forecasts are produced independently of ministers, objectively, transparently and impartially, as set out clearly by law. The spring forecast is available at: https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/
For the spring forecast, the OBR have been engaged with the Treasury in the normal way and there have been regular discussions of the economic and fiscal outlook.
As set out in the Memorandum of Understanding between HM Treasury and the OBR, the forecast process involves the OBR producing multiple draft iterations of the forecasts which it shares with the Chancellor.
With regard to business rates, the 5-year forecast takes account of the Government’s £13.6 billion package of support announced at Autumn Statement 2022, and annual CPI indexation of the multiplier.
Future decisions regarding business rates will be taken in line with the normal Budget process.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effect on his policies of trends in the level of population growth in the East of England; and if he will make a statement.
Answered by Felicity Buchan - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
The Treasury along with other Government departments, carefully considers a number of factors, including local populations, in the impact assessments of individual measures, as well as the distribution of many funding programmes.
The Treasury is making significant investments in the East of England. For example, almost £90m in funding from the first round of the Levelling Up Fund went to projects in the East of England, investing in infrastructure to improve everyday life for local residents.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions his Department has had with (a) Cabinet colleagues and (b) stakeholders on the potential merits of a windfall tax on electricity generators.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
On 26th May, the Chancellor announced that the Government was urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.
As part of this process, officials have been engaging with industry stakeholders to gather evidence on energy generators’ level of profitability and the operation of their business models.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral statement of 26 May 2022 on Economy Update, Official Report, column 451, if he will make an assessment of the likely impact of the energy profits levy on (a) investor confidence in the energy sector, (b) additional costs of capital for future electricity generation projects and (c) the costs faced by electricity bill payers in the next 10 years.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
As the Chancellor announced in the Economy Update 2022, the Government is introducing the Energy Profits Levy, a new 25 per cent surcharge on the extraordinary profits the oil and gas sector is making.
The new Energy Profits Levy will raise around £5 billion over the next year which will go towards supporting people with the new cost of living measures, also announced by the Chancellor.
Within the Levy, a new ‘super-deduction’ style relief is being introduced to encourage firms to invest in oil and gas extraction in the UK. The new 80 per cent Investment Allowance will mean businesses will overall get a 91 pence tax saving for every £1 they invest.
The Levy ensures the extraordinary profits that oil and gas companies have benefited from are taxed fairly, and provides a significant incentive for companies to invest. Officials and Ministers regularly engage with representatives from the sector.
Within the Economy Update, the Chancellor also set out that the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.
As part of this process, officials are urgently engaging with industry stakeholders on this matter to gather evidence on energy generators’ level of profitability and the operation of their business models. The Government remains committed to achieving a Net Zero Economy and to fully decarbonising the power system by 2035, subject to security of supply. As we transition to net zero, we will make sure the costs of doing so are distributed fairly. The Government will take these factors into consideration when deciding on the appropriate action with regard to energy generators’ profits.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral statement of 26 May 2022 on Economy Update, Official Report, column 451, if he will take steps to ensure that any policy proposals take full account of investments being made by electricity generators to deliver net zero.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
As the Chancellor announced in the Economy Update 2022, the Government is introducing the Energy Profits Levy, a new 25 per cent surcharge on the extraordinary profits the oil and gas sector is making.
The new Energy Profits Levy will raise around £5 billion over the next year which will go towards supporting people with the new cost of living measures, also announced by the Chancellor.
Within the Levy, a new ‘super-deduction’ style relief is being introduced to encourage firms to invest in oil and gas extraction in the UK. The new 80 per cent Investment Allowance will mean businesses will overall get a 91 pence tax saving for every £1 they invest.
The Levy ensures the extraordinary profits that oil and gas companies have benefited from are taxed fairly, and provides a significant incentive for companies to invest. Officials and Ministers regularly engage with representatives from the sector.
Within the Economy Update, the Chancellor also set out that the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.
As part of this process, officials are urgently engaging with industry stakeholders on this matter to gather evidence on energy generators’ level of profitability and the operation of their business models. The Government remains committed to achieving a Net Zero Economy and to fully decarbonising the power system by 2035, subject to security of supply. As we transition to net zero, we will make sure the costs of doing so are distributed fairly. The Government will take these factors into consideration when deciding on the appropriate action with regard to energy generators’ profits.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral statement of 26 May 2022 on Economy Update, Official Report, column 451, if he will take steps to ensure that such a policy is (a) fair and equitable given and (b) reflects the comparative complexity of the oil and gas sector.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
As the Chancellor announced in the Economy Update 2022, the Government is introducing the Energy Profits Levy, a new 25 per cent surcharge on the extraordinary profits the oil and gas sector is making.
The new Energy Profits Levy will raise around £5 billion over the next year which will go towards supporting people with the new cost of living measures, also announced by the Chancellor.
Within the Levy, a new ‘super-deduction’ style relief is being introduced to encourage firms to invest in oil and gas extraction in the UK. The new 80 per cent Investment Allowance will mean businesses will overall get a 91 pence tax saving for every £1 they invest.
The Levy ensures the extraordinary profits that oil and gas companies have benefited from are taxed fairly, and provides a significant incentive for companies to invest. Officials and Ministers regularly engage with representatives from the sector.
Within the Economy Update, the Chancellor also set out that the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.
As part of this process, officials are urgently engaging with industry stakeholders on this matter to gather evidence on energy generators’ level of profitability and the operation of their business models. The Government remains committed to achieving a Net Zero Economy and to fully decarbonising the power system by 2035, subject to security of supply. As we transition to net zero, we will make sure the costs of doing so are distributed fairly. The Government will take these factors into consideration when deciding on the appropriate action with regard to energy generators’ profits.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral statement of 26 May 2022 on Economy Update, Official Report, column 451, what representations he has received from energy investors on the energy profits levy.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
As the Chancellor announced in the Economy Update 2022, the Government is introducing the Energy Profits Levy, a new 25 per cent surcharge on the extraordinary profits the oil and gas sector is making.
The new Energy Profits Levy will raise around £5 billion over the next year which will go towards supporting people with the new cost of living measures, also announced by the Chancellor.
Within the Levy, a new ‘super-deduction’ style relief is being introduced to encourage firms to invest in oil and gas extraction in the UK. The new 80 per cent Investment Allowance will mean businesses will overall get a 91 pence tax saving for every £1 they invest.
The Levy ensures the extraordinary profits that oil and gas companies have benefited from are taxed fairly, and provides a significant incentive for companies to invest. Officials and Ministers regularly engage with representatives from the sector.
Within the Economy Update, the Chancellor also set out that the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.
As part of this process, officials are urgently engaging with industry stakeholders on this matter to gather evidence on energy generators’ level of profitability and the operation of their business models. The Government remains committed to achieving a Net Zero Economy and to fully decarbonising the power system by 2035, subject to security of supply. As we transition to net zero, we will make sure the costs of doing so are distributed fairly. The Government will take these factors into consideration when deciding on the appropriate action with regard to energy generators’ profits.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his oral statement of 26 May 2022 on Economy Update, Official Report, column 451, what method his Department is using to carry out the evaluation of the scale of extraordinary profits in certain parts of the electricity generation sector; and what estimate his Department has made of the scale of such profits.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
As the Chancellor announced in the Economy Update 2022, the Government is introducing the Energy Profits Levy, a new 25 per cent surcharge on the extraordinary profits the oil and gas sector is making.
The new Energy Profits Levy will raise around £5 billion over the next year which will go towards supporting people with the new cost of living measures, also announced by the Chancellor.
Within the Levy, a new ‘super-deduction’ style relief is being introduced to encourage firms to invest in oil and gas extraction in the UK. The new 80 per cent Investment Allowance will mean businesses will overall get a 91 pence tax saving for every £1 they invest.
The Levy ensures the extraordinary profits that oil and gas companies have benefited from are taxed fairly, and provides a significant incentive for companies to invest. Officials and Ministers regularly engage with representatives from the sector.
Within the Economy Update, the Chancellor also set out that the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.
As part of this process, officials are urgently engaging with industry stakeholders on this matter to gather evidence on energy generators’ level of profitability and the operation of their business models. The Government remains committed to achieving a Net Zero Economy and to fully decarbonising the power system by 2035, subject to security of supply. As we transition to net zero, we will make sure the costs of doing so are distributed fairly. The Government will take these factors into consideration when deciding on the appropriate action with regard to energy generators’ profits.
Asked by: Peter Aldous (Conservative - Waveney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of introducing a UK carbon border adjustment mechanism.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
As the UK transitions to Net Zero, the Government recognises the importance of addressing the risk of carbon leakage. The best solution would be for all countries to move together in the pricing and regulation of carbon emissions. However, international solutions will take time to develop, and so the Government is considering options for domestic action in parallel.
As I set out in a Written Ministerial Statement on 16 May 2022, later in the year the Government intends to consult on a range of carbon leakage mitigation options, including on whether measures such as product standards and a carbon border adjustment mechanism (CBAM) could be appropriate tools in the UK’s policy mix.