Member

New clause 6 would require the Government to produce a report setting out the fiscal impact of the Bill’s changes to the energy profits levy investment expenditure relief. As we have said in this House many times, the Liberal Democrats were the first to call for a windfall tax on the big oil and gas companies. It was introduced in the last Parliament, but seven months after we first called for it. It also included a very large loophole. Had it been introduced sooner and without the loophole, it would have raised significantly more money. That money could have been used for an emergency home insulation scheme to reduce people’s energy usage, which would have been better for the environment and for people’s pockets. The new clause would enable the Government to publish how much money they would raise through that measure. If it were to be passed, we would encourage them to look at how much money could have been raised had it been introduced when we first called for it.