Global streaming giants didnt mince their words on Thursday when they reacted to a call from a U.K. parliamentary committee for a levy of 5 percent of U.K. subscriber revenue on foreign streaming services, including the likes of Netflix, Amazon, Apple TV+ and Disney+, to help finance British drama production.

In a statement, Netflix highlighted that the U.K. is the streamers biggest production hub outside of North America and we want it to stay that way. It added a thinly veiled warning that levies or taxes would lead to price increases: In an increasingly competitive global market, its key to create a business environment that incentivizes rather than penalizes investment, risk taking and success. Levies diminish competitiveness and penalize audiences who ultimately bear the increased costs. A source close to the matter told THR: Netflix members have already paid the BBC license fee. A levy would be a double tax on them and us. Its unfair. This is a tariff on success. And our members are going to be punished.

The Association for Commercial Broadcasters and On-Demand Services (COBA) also argued that a levy could hurt streamers investment in Britain. Especially in this economic climate, a levy risks impacting existing content budgets for U.K. shows, jobs, and growth, along with raising costs for businesses, said COBA executive director Adam Minns. Ironically, it could actually damage public service broadcaster dramas by reducing co-production budgets at streamers.

As reported, urgent action is needed to protect distinctly British content, the Culture, Media and Sport Committeeof the House of Commons of the U.K. parliament concluded after holding an inquiry via a series of hearings.

In its final report, published on Thursday, it called on the government of Labour Party leader and Prime Minister Keir Starmer to ramp up support across film and high-end TV. Among its proposals are additional tax incentives to benefit independent films, support for independent cinemas, and the streaming tax.

The recommendation for streamers, such as Netflix, Amazon, Apple TV+ and Disney+, which benefit from the creativity of British producers, to put their money where their mouth called for them to pay 5 percent of their U.K. subscriber revenue into a cultural fund to help finance drama with a specific interest to British audiences. If the industry does not voluntarily establish such a fund, administered by the BFI, within a year, the U.K. government should introduce a statutory levy, the committee recommended.