UN Framework Convention on International Tax Co-operation: Global Taxes

1. Whether he has had discussions with the Chancellor of the Exchequer on global taxes on oil and gas companies in the context of the proposed UN framework convention on international tax co-operation.

This is a matter for the Treasury, although we remain closely engaged. The UN framework convention is focused on improving effective and inclusive international tax co-operation, not on creating specific global taxes on oil and gas companies.

The combined market value of the six big oil super-majors has soared by more than $130 billion since the first US-Israeli attack on Iran, while my constituents and those across the country face higher bills. Will the Energy Secretary and the Government work with international partners to establish global taxes on the fossil fuel industry through the UN tax convention and help bill payers with their energy costs?

As I said, this is a matter for the Treasury, but we look closely at where we can co-operate around the world. This country’s windfall tax has raised £12 billion, funding public services and supporting the hon. Gentleman’s constituents and many others with the cost of living. We will continue to invest in bringing down bills, but we will also invest in the infrastructure that gets us off fossil fuels.