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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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WATCH: The Labour Party is looking to extend Britain’s windfall tax on oil and gas companies. Lizzy Burden reports.Source: Bloomberg

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.