Extract from Westminster Hall debate on Fossil Fuels and Cost of Living Increases - Jan 11

Kerry McCarthy (Bristol East) (Lab):...Labour led the way in calling for a windfall tax in January last year. The Prime Minister, who was then Chancellor, was pretty reluctant to introduce one. Eventually, he brought in a half-hearted measure, but even then, oil and gas giants avoided paying fair taxes due to the huge investment allowance loophole that was snuck into the tax. I read recently that Shell is paying taxes this year for the first time in something like five years. Clearly, something is very wrong. The loophole, which applied only to polluting fossil fuels and not to cheap renewables, allowed fossil fuel companies to avoid paying any windfall tax on 91p of every £1 they made...

To read the whole debate, CLICK HERE