Tristan Osborne

Tristan Osborne

Labour — Chatham and Aylesford

Speaking in the House of Commons on 10 December 2024

Debate

Finance Bill

Contribution

According to the New Economics Foundation, the previous Government’s levy raised £10.6 billion for the oil and gas industry, but the industry invested only £3.6 billion of that in new capital projects, taking the remainder as sheer profits. Does the hon. Lady agree with me that that is exactly why it was a foolhardy proposal? The profits made did not go into investing in new capital assets, but largely went into shareholders’ pockets.

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