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.
