The Government introduced the Energy Profits Levy (EPL) to respond the exceptional profits being made by the oil and gas sector driven by global circumstances. The EPL is a temporary 35 per cent surcharge on the exceptional profits being made by the sector and comes on top of the default 40 per cent headline tax rate applied to profits from UK oil and gas production, bringing the overall combined tax rate to 75 per cent. The EPL will end in 2028 if the Energy Security Investment Mechanism (ESIM) is not triggered.<\/p>
Additionally, the Government introduced the Electricity Generator Levy (EGL), a temporary 45% tax on extraordinary returns made by some UK electricity generators from 1 January 2023. The levy will end in 2028. EGL is applied to extraordinary returns defined as selling electricity for a period at an average price of more than £75/MWh, which is approximately 1.5 times the average price of electricity over the last decade and well beyond pre-crisis expectations.<\/p>
At its most recent forecast, the OBR forecasted that together, the EPL and EGL would raise approximately £40 billion while in force. This significant source of tax revenue has helped fund vital cost of living support.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2023-07-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "193800"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-07-17T11:40:34.393Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Energy: Profits"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps the Government is taking to tackle excess profits in the energy sector.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3973", "label" : {"_value" : "Biography information for Grahame Morris"} } , "tablingMemberConstituency" : {"_value" : "Easington"} , "tablingMemberPrinted" : [{"_value" : "Grahame Morris"} ], "uin" : "193580"} , {"_about" : "http://data.parliament.uk/resources/1652447", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1652447/answer", "answerText" : {"_value" : "
HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the \u201cdigital pound\u201d, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.<\/p>
<\/p>
On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.<\/p>
<\/p>
As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.<\/p>
<\/p>
The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.<\/p>
<\/p>
The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.<\/p>
<\/p>
Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.<\/p>
<\/p>
Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.<\/p>
The Government\u2019s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government\u2019s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-07-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "193754"} , {"_value" : "193755"} , {"_value" : "193756"} , {"_value" : "193757"} , {"_value" : "193758"} , {"_value" : "193759"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-07-17T11:45:11.687Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Central Bank Digital Currencies: Public Consultation"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, when he expects to publish the findings of the consultation on the digital pound.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "193753"} , {"_about" : "http://data.parliament.uk/resources/1652449", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1652449/answer", "answerText" : {"_value" : "
HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the \u201cdigital pound\u201d, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.<\/p>
<\/p>
On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.<\/p>
<\/p>
As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.<\/p>
<\/p>
The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.<\/p>
<\/p>
The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.<\/p>
<\/p>
Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.<\/p>
<\/p>
Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.<\/p>
The Government\u2019s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government\u2019s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-07-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "193753"} , {"_value" : "193755"} , {"_value" : "193756"} , {"_value" : "193757"} , {"_value" : "193758"} , {"_value" : "193759"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-07-17T11:45:11.797Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Central Bank Digital Currencies: Wales"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps he is taking to help ensure that the (a) the Welsh Government and (b) stakeholders representing those who rely on access to cash are engaged through the (i) Central Bank Digital Taskforce, (ii) the Central Bank Digital Currency Engagement Forum and (iii) The Central Bank Digital Currency technology forum on issues relating to a Central Bank Digital Currency.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "193754"} , {"_about" : "http://data.parliament.uk/resources/1652450", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1652450/answer", "answerText" : {"_value" : "
HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the \u201cdigital pound\u201d, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.<\/p>
<\/p>
On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.<\/p>
<\/p>
As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.<\/p>
<\/p>
The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.<\/p>
<\/p>
The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.<\/p>
<\/p>
Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.<\/p>
<\/p>
Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.<\/p>
The Government\u2019s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government\u2019s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-07-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "193753"} , {"_value" : "193754"} , {"_value" : "193756"} , {"_value" : "193757"} , {"_value" : "193758"} , {"_value" : "193759"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-07-17T11:45:11.857Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Central Bank Digital Currencies: Wales"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what discussions he has had with his counterparts in the Welsh Government on the potential implications of a Central Bank Digital Currency on Welsh citizens in the context of (a) areas with poor digital connectivity and (b) Wales\u2019 age demographics.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "193755"} , {"_about" : "http://data.parliament.uk/resources/1652453", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1652453/answer", "answerText" : {"_value" : "
HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the \u201cdigital pound\u201d, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.<\/p>
<\/p>
On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.<\/p>
<\/p>
As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.<\/p>
<\/p>
The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.<\/p>
<\/p>
The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.<\/p>
<\/p>
Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.<\/p>
<\/p>
Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.<\/p>
The Government\u2019s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government\u2019s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-07-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "193753"} , {"_value" : "193754"} , {"_value" : "193755"} , {"_value" : "193757"} , {"_value" : "193758"} , {"_value" : "193759"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-07-17T11:45:11.92Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Central Bank Digital Currencies"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps his Department is taking ensure that stakeholders who (a) rely on cash and (b) choose to use cash are engaged in the next steps following the publication of the Government\u2019s response to the consultation on the digital pound.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "193756"} , {"_about" : "http://data.parliament.uk/resources/1652514", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1652514/answer", "answerText" : {"_value" : "
The Government introduced the Energy Profits Levy (EPL) to respond the exceptional profits being made by the oil and gas sector driven by global circumstances. The EPL is a temporary 35 per cent surcharge on the exceptional profits being made by the sector and comes on top of the default 40 per cent headline tax rate applied to profits from UK oil and gas production, bringing the overall combined tax rate to 75 per cent. The EPL will end in 2028 if the Energy Security Investment Mechanism (ESIM) is not triggered.<\/p>
Additionally, the Government introduced the Electricity Generator Levy (EGL), a temporary 45% tax on extraordinary returns made by some UK electricity generators from 1 January 2023. The levy will end in 2028. EGL is applied to extraordinary returns defined as selling electricity for a period at an average price of more than £75/MWh, which is approximately 1.5 times the average price of electricity over the last decade and well beyond pre-crisis expectations.<\/p>
At its most recent forecast, the OBR forecasted that together, the EPL and EGL would raise approximately £40 billion while in force. This significant source of tax revenue has helped fund vital cost of living support.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2023-07-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "193580"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-07-17T11:40:34.457Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Energy: Profits"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps the Government is taking to tackle excess profits in the energy sector.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4799", "label" : {"_value" : "Biography information for Charlotte Nichols"} } , "tablingMemberConstituency" : {"_value" : "Warrington North"} , "tablingMemberPrinted" : [{"_value" : "Charlotte Nichols"} ], "uin" : "193800"} , {"_about" : "http://data.parliament.uk/resources/1651555", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1651555/answer", "answerText" : {"_value" : "
Statistics relating to Tax-Free Childcare account use are published quarterly in \u201cTax-Free Childcare Statistics\u201d on the gov.uk website. The latest publication, containing information up to March 2023 is here:<\/p>