Windfall tax on North Sea oil and gas could raise £2bn, says Labour

The Labour Party is calling for a one-off levy on North Sea oil and gas operators’ profits to offset energy bill hikes. Photograph: Owen Humphreys/PA

A windfall tax on North Sea oil and gas operators could raise more than £2bn to cushion the pain of rising energy bills.

Analysis by the Labour party – which has called for the one-off levy – reveals that it could rake in at least £1.95bn for the Treasury, far more than the £1.2bn the party forecast in January.