Labour today accused the government of “botching” its windfall tax on North Sea oil and gas companies by leaving loopholes which the party calculates will cost the public finances £17bn.
In a challenge to Jeremy Hunt, Labour is today tabling an amendment to the bill enacting the chancellor’s autumn statement, demanding that he spell out the full cost of windfall tax allowances for fossil fuel firms.
Shadow chancellor Rachel Reeves said that the sums which could be raised by ditching the allowance – as well as backdating the windfall tax to the start of 2022 and matching Norway’s 78 per cent levy on its North Sea firms – was the equivalent of three years’ turnover for the UK wind power industry and could pay for the insulation of 6 million homes.
