Labour Party calls for extension of oil and gas tax

Suggests cap freeze at current £1,971

The Labour Party has requested the May tax implemented for oil and gas companies be extended, adding it should be used to fund a freeze in the energy price cap for UK households.

Labour Leader Keir Starmer said freezing the cap at the current level of £1,971 per year for the average household would curtail soaring inflation by four percentage points. Inflation hit 9.4% in June, and remained steady in July, the highest UK CPI has been in 40 years. The energy price cap is set to hit £3,582 in October and £4,266 in January 2023. In May, the UK government announced a windfall tax on oil and gas company profits of 25%, which it said was expected to raise £5bn in its first year. G7 contemplates energy cap to ward off costs  The move came just before UK oil ...