Harriet Cross

Harriet Cross

Conservative — Gordon and Buchan

Speaking in the House of Commons on 3 March 2026

Debate

Spring Forecast

Contribution

The OBR’s forecast has again downgraded oil and gas revenue. From March to November last year, it was downgraded by over 41%, and from November to March this year, it has been downgraded by another 20%. By 2030, we are now expecting only £100 million in tax returns from the oil and gas industry, which used to return billions of pounds every year, because production is falling and investment is going abroad. When the Chancellor meets oil and gas companies tomorrow—I hope she has a great meeting—they will tell her that they need the energy profits levy to be taken away, because it is costing jobs, investment and energy security. Will she listen to those companies or will she keep ignoring the sector?

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