UK Labour Proposes Extending Windfall Tax on Oil and Gas Firms
- Backdating tax to January would raise £8 billion, Labour says
- Boris Johnson’s government under pressure to cut energy bills
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The UK’s main opposition Labour Party has proposed extending Britain’s windfall tax on oil and gas companies, saying the proceeds should be used to fund a total freeze on energy bills over the winter.
Labour -- whose initial proposal for a windfall tax was ultimately copied by the governing Conservative Party after months of pressure -- said the levy should be backdated to January, raising an extra £8 billion to help finance freezing the current £1,971 ($2,392) annual limit on household energy bills.