Boris Johnson has ruled out imposing a windfall tax on the bumper profits made by oil companies to tackle the cost of living crisis.The Prime Minister’s spokesman dismissed fresh calls for a one-off levy after BP announced it had made a £9.5 billion profit in 2021.
Labour and the Lib Dems, as well as some Conservative MPs, back a one-off windfall tax on the profits made by the rise in wholesale energy prices to help offset the steeply rising domestic bills expected this year.
Bernard Looney, the chief executive of BP, has described the energy giant as a “cash machine” after soaring oil and gas prices boosted profits.But Downing Street again ruled out the move and said it would “deter investment in the North Sea”.
As well as renewing calls for a swoop on the huge profits Labour also highlighted how the SNP refused to back the windfall tax on the North Sea giants.
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