Perhaps unsurprisingly, I rise to speak against the motion. I declare an interest, although it is not necessarily required, as having been employed in the oil and gas sector for 25 years prior to being elected to this place. [Interruption.] Despite the groans from my hon. Friends, I think that provides me with some context and experience, rather than anything sinister.
On behalf of my constituents, many of whom are employed in the oil and gas industry, I will focus my remarks mostly on Labour’s proposal for a windfall tax on oil and gas businesses and the harm that it would do not just to the north-east of Scotland economy but to that of the wider United Kingdom. I will also remark on why such a punitive intervention will have the opposite of the desired effect and put at risk the success of the country’s energy transition to net zero.
I am aware, as are Ministers, of the anxiety of people across the country, including in my constituency, about the increased cost of living. I welcome the measures that the Government have already taken to support those on low incomes with their energy and heating bills. One of those, the energy price cap, has already saved customers about £1 billion a year, which is equivalent to about £77 to £100 a year for typical households on default energy tariffs. Some 2.2 million pensioners and low-income families are protected with a £140 discount on their electricity bills, which has been extended to 2026 and will rise to a £150 discount from October.