Today (Tuesday, 17 May) Labour is urging MPs of all political
parties to vote for a one-off windfall tax on oil and gas
producer profits, as the cost-of-living crisis continues to
escalate.
Labour's amendment will be voted on during the Queen’s
Speech debate on Tuesday. Unlike how the Government treats
opposition day debates, MPs are required to vote on
the amendment.
Labour first called for the windfall tax on 9 January, to fund a
VAT cut on home energy bills and expand and increase the Warm
Homes Discount, saving families struggling with soaring costs up
to £600 off their bills.
Since then, the party has called on the Conservative Government
to bring forward this change almost 250 times.
It comes as BP and Shell alone have made £12.37bn of profit in
the first three months of 2022 – despite Cabinet ministers
describing these companies as "struggling" when defending the
Conservatives' refusal to implement a windfall tax.
Analysis by the Labour Party on Sunday showed the expected
profits of North Sea oil and gas firms in 2022/23 are higher than
the combined rise in energy bills for every household in the UK.
As well as growing support from the Conservative backbenches,
there is also widespread public support for a windfall tax,
including senior business figures such as the chairs of Tesco and
John Lewis.
MP, Labour's Shadow Climate Change and Net Zero
Secretary, said:
"As energy bills rise by record amounts for millions of families
it is shameful that and still refuse to back a
windfall tax that could help tackle the cost of living crisis.
"Today, Labour will give MPs another chance to support our
one-off windfall tax on oil and gas producer profits to bring
down bills.
"This fair and principled measure now has support from business,
trade unions, across the political spectrum and most importantly,
the overwhelming majority of the public.
"Conservative MPs must now join the British people in calling for
a windfall tax - or explain why they continue to oppose measures
that would ease the cost-of-living crisis."
Ends
Notes to editors:
- Labour’s draft amendment:
At end add “but respectfully regret that the Gracious Speech
fails to announce a windfall tax on the profits of oil and
gas producers, in order to provide much-needed relief from energy
price increases for households.”
- Spreadsheet with almost 250 articles where Labour called for
a one-off windfall tax on oil and gas producer profits is
attached.
