'The Windfall Tax raises what amounts to £2.50 per week.' David Simmonds MP argues that a windfall tax on energy companies is not the best way to address the cost-of-living crisis. politicslondon |
Oil and gas producers have hit back at calls for a windfall tax on their profits, saying they are already paying more tax as a result of price rises.
But profits have soared this year after sharp price increases in energy prices, prompting calls for those "exceptional" profits to be subject to a windfall levy. Companies are also countering the threat of a windfall tax by pointing to their plans to spend on further developments for oil and gas, if they are allowed to, and some are switching their emphasis to renewable energy.
Ministers have recently been pushing for further commitments from energy producers to invest, in response to the calls for a windfall tax. That has put more pressure on the industry to make its case. "We are proud that we are able to help by contributing a predicted £7.8bn in UK taxes this year alone.
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