Labour says government is ‘totally wrong’ to give tax breaks to oil companies amid cost of living crisis
Rachel Reeves, the shadow chancellor, said the “eye-watering profits” showed that the government was “totally wrong” to have given significant tax breaks to oil companies. However, the government’s Brexit opportunities minister, Jacob Rees-Mogg, said he was not in favour of an extra windfall tax.
The company was forced to write down the value of its investments in Russia by $24bn in the first quarter, but higher oil prices have made up for much of the lost ground. The strong cashflows have allowed it to cut its debt pile, in a further boost to investors.The UK government belatedly responded to political pressure amid soaring energy prices with a £5bn.
“Labour argued for months for a windfall tax on these companies to help bring bills down, but when the Tories finally U-turned they decided to hand billions of pounds back to producers in tax breaks. That is totally wrong.” “Government must bring in a proper windfall tax on these monster profits and stop giving companies massive tax breaks on destructive new fossil fuel investments.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BP profits triple to £7bn as oil prices surge because of Ukraine warLabour says government is ‘totally wrong’ to give tax breaks to oil companies amid cost of living crisis
Read more »
BP profits triple to £7bn as oil prices surge because of Ukraine warLabour says government is ‘totally wrong’ to give tax breaks to oil companies amid cost of living crisis
Read more »
Liberals backflip on petrol excise after advocating budget repairThe federal Coalition is demanding the 22.1 cents per litre reduction be extended while oil prices remain high and war rages in Ukraine.
Read more »
Food prices soaring in developing world amid Ukraine crisis, World Bank findsLebanon is worst-hit by food inflation after food grain store explosion in Beirut in 2020
Read more »
Russia-Ukraine war latest: what we know on day 159 of the invasionRussia moving troops to Ukraine’s south ahead of Ukrainian counteroffensive, military officials say; Russia says five injured in Black Sea drone attack
Read more »
Russia-Ukraine war latest: what we know on day 160 of the invasionUN chief warns that nuclear annihilation just ‘one miscalculation’ away; Zelenskiy says grain shipment is ‘first positive signal’ of chance to stop world food crisis
Read more »