Labour today reveal that each and every day the Conservatives
delay bringing forward a windfall tax on oil and gas producer
profits, families will fork out a hefty £53 million more in
energy bills.
Not a single Conservative MP last night voted for Labour’s plan
for such a windfall tax, which would cut household energy bills
by up to £600.
BP and Shell alone 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.
The CEO of BP also described current high prices as a “cash
machine” for the producer, while its CFO said they may have “more
money than they know what to do with” if prices stayed high.
Labour has called on the Government to introduce a windfall tax
250 times since the start of the year, with the Government
choosing to protect the booming profits of the oil and gas sector
over cutting bills for working families and pensioners.
There is a widespread support for a windfall tax from experts,
business leaders and Conservative politicians, including the
chairs of Tesco, the Chair of the Treasury Select Committee and
the former CEO of BP.
, Labour’s
Shadow Chancellor of the Exchequer, said:
“For each and every day government fails to act, families are
forking out more and more to keep oil and gas profits so high,
that producers don’t even know what to do with that extra money.
“In the midst of a cost of living crisis, this failure to act is
unconscionable.
“How much evidence do the Tories need that a windfall tax on oil
and gas producer profits is the fair and right way to cut bills
now?
“How many more alarm bells on spiralling inflation, painful tax
rises and rising poverty must they hear before they act in the
interests of the British people and our economy?
“Anything less than backing an Emergency Budget – including a
one-off windfall tax on oil and gas producer profits – to ease
the pressure from the cost of living crisis is a failure by this
Conservative government.”
Ends
Notes to editors:
- Today, asked at Prime Minister's
Questions:
"British households are slapped with an extra £53 million on
their energy bills every single day… Meanwhile, every single day,
North Sea oil and gas giants rake in £32 million in unexpected
profits. Doesn’t he see that every single day he delays his
inevitable U-turn… he’s choosing to let people struggle when they
don’t need to?"
- Total rise in energy bills for the year (on current price
cap) is £19.27 billion which equates to around £53 million per
day.
-
