Labour has called on the Tory government to use Thursday’s meeting with oil and gas giants in Downing Street to close a “shameful” loophole in the windfall tax.
Rachel Reeves, Labour’s Shadow Chancellor, said the Tories were handing the oil and gas giants billions in tax breaks, just for them to pass it on to shareholders.
The MP highlighted how the government’s own energy profits levy factsheet shows that the new investment allowances within the levy means that for every £1 invested, 91.25p will go back to firms in additional tax relief.
