Ed Miliband reacts to extreme profits in the energy sector

Ed Miliband MP, Labour's Shadow Climate Change and Net Zero Secretary, responding to extreme profits in the energy sector, said: 

“It cannot be right that, as oil and gas giants rake in the windfalls of war, the Rishi Sunak's Conservatives refuse to implement a proper windfall tax that would make them pay their fair share.

“In a matter of weeks, the Government plans to allow the energy price cap to rise to £3,000. Labour would use a proper windfall tax to stop prices going up in April.

“When it comes to oil and gas interests, Rishi Sunak is too weak to stand up for the British people. Only Labour is on your side - with a plan to tackle the cost of living crisis now, and a long term plan to cut bills for good and make Britain a clean energy superpower.”

Ends

Notes

• Centrics profits https://www.bbc.co.uk/news/business-64652142
  
  
• BP recorded $27.7bn of underlying profit last year: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/fourth-quarter-2022-results.html?s=08
• Shell recorded their highest profits in 115 years: https://www.bbc.co.uk/news/uk-64489147
• Labour has set out plans to use the proceeds of a proper windfall tax on the oil and gas companies to fund a package that would stop the energy price cap going up from April. Right now, government plans expose households to a major new spike in prices in April of over 40%. 
• Labour will extend the windfall tax by closing the fossil fuel investment loophole, taxing oil and gas profits at the same rate as Norway, and backdating from the start of 2022. This would raise more than £13bn.