HC Deb 10 July 1997 vol 297 cc603-4W
6. Mr. Gerald Howarth

To ask the Chancellor of the Exchequer if he will make a statement about the proposed windfall profits tax. [6182]

Mr. Geoffrey Robinson

The windfall tax will fund the New Deal for the young and long-term unemployed, lone parents and schools announced by the Chancellor in his Budget speech. It is a one-off tax which puts right the bad deal which customers and taxpayers got from the privatisation of the utilities.

18. Mr. Stott

To ask the Chancellor of the Exchequer how he plans to allocate the revenue from the windfall levy. [6196]

Mr. Darling

The Windfall Tax on the excess profits of the privatised utilities will finance measures to equip Britain for our long-term future and to modernise the welfare state. My right hon. Friend the Chancellor announced a New Deal for the young unemployed, the long-term unemployed, and lone parents. We provided extra help with childcare. We were able to finance capital investment in our schools, including investment in IT, and to kick-start our University for Industry. We are also able to fund the measures we will bring forward to help people on Incapacity Benefit into work.

24. Mr. Singh

To ask the Chancellor of the Exchequer what plans he has for the allocation of the revenue raised from the windfall levy. [6202]

Mr. Gordon Brown

The Windfall Tax on the excess profits of the privatised utilities will finance measures to equip Britain for our long-term future and to modernise the welfare state. I announced a New Deal for the young unemployed, the long-term unemployed, and lone parents. I provided extra help with childcare. I was able to finance capital investment in our schools, including investment in IT, and to start up our University for Industry. I am also able to fund the measures we will bring forward to help people on Incapacity Benefit into work.

Mr. Colvin

To ask the Chancellor of the Exchequer if he will publish the advice given to him by the regulators of the privatised companies affected by the windfall tax, relating to prices, investment, service standards and employment prospects; and if he will make a statement. [7576]

Mr. Robinson

The Government consulted the regulators fully on the design of the windfall tax. In accordance with normal practice, we shall not be publishing their advice because it was confidential and contained some observations that are commercially sensitive.

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