BP and Shell reported bumper profits earlier this year as energy prices skyrocketed.
16 May 2022
Conservative MPs are facing fresh pressure to support a one-off windfall tax on oil and gas producers in a bid to cut energy bills.
Labour on Tuesday will seek to force a Commons vote on its amendment which expresses regret at the omission of the policy from the Queen’s Speech.
It comes as MPs debate “tackling the short-term and long-term cost of living increases” on day five of the Queen’s Speech debate.
Chancellor Rishi Sunak recently told the BBC he is not “naturally attracted” to a windfall tax, but he would be “pragmatic about it” in light of the profits for such companies due to elevated prices.
BP and Shell reported bumper profits earlier this year as energy prices skyrocketed.
In February, MPs supported a Labour motion for the new windfall tax to be imposed on North Sea producers to fund a support package for families and business.
But Conservative MPs abstained and the Government was not compelled to act as the motion was non-binding.
Ed Miliband, shadow climate change and net zero secretary, said of Tuesday’s vote: “As energy bills rise by record amounts for millions of families, it is shameful that Boris Johnson and Rishi Sunak 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.”
