Tulip Siddiq

Tulip Siddiq

Labour — Hampstead and Highgate

Speaking in the House of Commons on 27 November 2024

Debate

Finance Bill

Contribution

My hon. Friend the Exchequer Secretary says that he will write to the hon. Lady about this, but we note the points that she has made, and we are looking into them. The hon. Member for Gordon and Buchan (Harriet Cross) asked about oil and gas investment. We recognise that oil and gas will continue to have a role in the energy mix during the transition, but we need to drive public and private investment towards cleaner energy. The money raised by these changes will contribute to public investment while the sector continues to benefit from £84.25 in relief for every £100 of private investment. To reflect our commitment to facilitating cleaner home-grown energy, the Government have confirmed that the sector will continue to benefit from a decarbonisation investment allowance with a value similar to the relief that it received prior to the November energy profits levy rate increases. I end by saying that the Bill delivers on key manifesto commitments from this Labour Government. It provides stability, it supports businesses, and it moves us to a fairer, more sustainable tax system. For those reasons, I commend it to the House. Question put, That the amendment be made.

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