Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has had recent discussions with Cabinet colleagues on the introduction of a windfall tax on oil and gas companies.

The Chancellor has regular discussions with Cabinet colleagues on a range of subjects, and discussions among Cabinet colleagues are considered confidential.

The Government introduced the Energy Profits Levy from 26 May in response to sharp increases in oil and gas prices over the past year and to help fund cost of living support for UK households. The Levy is an additional 25 per cent surcharge on UK oil and gas profits, taking the combined headline tax rate for oil and gas companies operating in the UK and on the UK Continental Shelf to 65 per cent. The Government expects the Levy to raise over £7 billion in 2022-23 based on forecast oil and gas prices.

All taxes are kept under review and any changes are considered and announced by the Chancellor.