Office for Budget Responsibility Forecasts

Polly Billington Excerpts

Monday 1st December 2025 Commons Chamber

[James Murray]

The right hon. Gentleman talks about the energy profits levy. Let me be clear: we know that oil and gas have a role to play in our energy mix for many years to come. We want to support that industry while we make the transition to clean power, and that is the role that the energy profits levy will play. We set out at the Budget how the energy profits levy will come to an end in 2030, or sooner if the price floor is triggered.

[Ms Polly Billington (East Thanet) (Lab)]

My right hon. Friend will acknowledge, as he already has done, the importance of stability for families and businesses across this country. What we have called fiscal headroom is frankly money for a rainy day, and it is fundamental to being able to maintain that stability—something that was a failure of the Conservative Government for some time. Will he also acknowledge the importance of the way in which the bond markets responded positively to the Budget, for exactly the reason that it delivers us the stability we all need?

[James Murray]

While the Government do not comment on movements in the bond market, it was very important to us to create that extra headroom in order to bring down the cost of Government borrowing and ensure that we have that buffer for the future.