Labour has today [WEDNESDAY] revealed the staggering cost of
Rishi Sunak’s new windfall tax break for oil and gas giants, as
£11 billion was handed out to firms making record profits.
Yesterday, BP announced eye-watering profits and billions in
handouts to shareholders.
Labour is calling on to scrap loopholes in the
Energy Profits Levy, and to bring in a proper windfall tax on oil
and gas giants to freeze council tax this year.
These loopholes give generous and untargeted handouts to
companies for investments they were likely to make anyway, and
leaves a huge hole in the government’s Energy Profits Levy.
The Labour Party has slammed the government for leaving billions
on the table when the money could be used to help working
families with the cost of living.
Labour Leader has called for a council tax
freeze for working people this year, who are experiencing
spiralling bill costs.
has instead allowed handouts
for oil and gas giants making more money than they themselves say
they know what to do with.
MP, Labour’s Shadow
Chancellor, said:
”Britain has huge potential but we’re being held back by 13
years of Tory economic mismanagement.
”The cost of living crisis is hitting households and needs to be
tackled - and the government must do far, far more to strengthen
our economy to make families better off.
”They should get their heads out of the sand and bring in a
proper windfall tax on oil and gas giants to freeze council tax
this year and ease the burden facing households.”
Ends
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