Energy giants are raking in massive profits estimated at £60million a day following Tory failure to bring in a proper windfall tax, figures show.
Firms including BP and Shell are this week set to announce profits of more than £10billion since the start of the year.
Labour has accused the Government of giving these companies “generous and untargeted handouts” as millions of households struggle with sky-high energy bills.
Rishi Sunak faces fresh calls to follow Norway’s lead and hit the companies with taxes of 78 per cent on their unexpected profits fuelled by huge price increases last year.
BP is expected to announce it has made a profit of around £3.4bn in the first three months of this year – while on Thursday, Shell is set to reveal it has made around £7bn so far this year.
Figures from the Office for Budget Responsibility suggest £60m of profit is reported in the North Sea every day.
Shadow Energy Secretary Ed Miliband said: “While families face soaring bills, the Conservatives are refusing to do the right thing and bring in a proper windfall tax on oil and gas giants to help freeze council tax this year. That’s the choice Labour would make, because we are on the side of working people.”
Firms extracting oil and gas in British areas of the North Sea must pay 35 per cent under the Government’s energy profits levy, but this can be cut if the firms invest in new production – a loophole which Labour warns has saved companies billions.
The levy brought in £4.4bn in the past year, official figures show – far below the £7.2bn the Government had forecast.
Labour has pledged to close the loophole and backdate extra taxes to January last year, raising an estimated £10.4bn, some of which would be used to freeze council tax at a cost of £2.7bn, it said.
Shares in Shell are up around 1.5 per cent so far this year, while BP’s have risen by around 8.5 per cent.
