Contributions
2,217 recent contributions in Hansard
HANSARDFinancial Services and Markets BillThere is ongoing work to look at that question. There has been an interim finding, as it were, setting out a number of recommendations. At the moment what they do not do, in my…20 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, first, I will briefly speak to the government amendment in my name in this group—I feel I should—before turning to the substantive measures raised by the debate.…20 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, perhaps it would be helpful to start with a bit of context behind the Government’s approach to the statutory panels and the new cost-benefit analysis panel established…20 Feb 2023HANSARDFinancial Services and Markets BillPerhaps I could finish my point; we will also come to this issue in the next group. In seeking to ensure that the relevant committees of Parliament have the information that they…20 Feb 2023HANSARDFinancial Services and Markets BillMy understanding is that that is what the FPC does. One of the mechanisms by which it does it is through its stress tests; it operates regular stress testing of the banking system…20 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, the Government are keenly aware of the interest in Parliament in the appropriate committee structures for scrutinising the regulation of financial services and will…20 Feb 2023HANSARDFinancial Services and Markets Bill20 Feb 2023HANSARDFinancial Services and Markets BillIn the legislation, the Government are seeking to formalise and make explicit some of the ways in which committees can have their work facilitated. I recognise that this Bill…20 Feb 2023HANSARDEnergy Profits LevyThe profits levy builds on the specific tax regime we have in place for oil and gas production in the UK. Perhaps I can reassure the noble Lord that the 75% headline tax rate…07 Feb 2023HANSARDEnergy Profits LevyRenewable levies have helped drive the successful track record I referred to earlier, but we are always conscious of consumers’ bills rising. That is why we have put in the…07 Feb 2023HANSARDEnergy Profits LevyI would like to reassure the noble Baroness on that second point. We have the energy price guarantee in place and specific support going to the most vulnerable households. It is…07 Feb 2023HANSARDEnergy Profits LevyI simply cannot agree with the noble Baroness’s interpretation of things. Many renewable electricity generators generate their electricity under contracts for difference, to which…07 Feb 2023HANSARDEnergy Profits LevyI am sure the noble Lord would not want to conflate the global profits of those firms with the profits they have derived from their UK oil and gas production. As I have said,…07 Feb 2023HANSARDEnergy Profits LevyI can reassure my noble friend that the Government have been engaging with the sector, including independent, smaller oil and gas companies. We have included the investment…07 Feb 2023HANSARDEnergy Profits LevyThe noble Baroness will know that the tax regimes for the two sectors are quite different. Oil and gas already has a specific tax regime that is higher than for electricity…07 Feb 2023HANSARDEnergy Profits LevyI just point out to the noble Lord that we have introduced the energy profits levy. That charges tax at a headline rate of 75% on those companies, and we expect to raise up to £80…07 Feb 2023HANSARDEnergy Profits LevyThe Government regularly engage with all sectors on their net-zero targets. When it comes to the oil and gas sectors specifically, the changes that we made at the Autumn Statement…07 Feb 2023HANSARDEnergy Profits LevyI absolutely agree with the noble Baroness on the importance of protecting consumers, including vulnerable consumers. We have the energy price guarantee and other support for…07 Feb 2023HANSARDEnergy Profits LevyThe energy profits levy was introduced in May 2022 to respond to very high prices that mean that oil and gas companies are benefiting from exceptional profits. In the Autumn…07 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, I will first cover Amendments 67, 71, 73 and 214 tabled by the noble Baroness, Lady Bowles of Berkhamsted, and the noble Lord, Lord Hunt of Kings Heath. The question of…06 Feb 2023