Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps (a) for tax relief generated through the investment allowance for oil and gas companies through the Energy Profits Levy to be returned to the Exchequer and (b) to allocate that money to the construction of a 5GW offshore wind farm.

The UK currently requires oil and gas to meet our energy needs, and there will be a continued role for oil and gas over the coming decades. The Energy Profits Levy includes investment allowances which give the oil and gas sector additional incentives to reinvest its profits to support the economy, jobs and the UK’s energy security.

The Government already provides significant support for low-carbon electricity generation development through the Contracts for Difference (CfD) scheme, which has been hugely successful in driving the deployment of renewable energy whilst reducing costs. Since introduction, the CfD has contracted over 30GW of low-carbon generation including 20GW of offshore wind.