UK Labour Plans £1.2 Billion Windfall Tax on Oil & Gas Giants

Britian’s opposition Labour Party pledged to impose a windfall tax on oil and gas companies if it wins power in the election on July 4.

In a manifesto outlining the party’s policies, Labour said it will:

• “Close the loopholes in the windfall tax on oil and gas companies.”
• “Companies have benefitted from enormous profits not because of their ingenuity or investment, but because of an energy shock which raised prices for British families.”
• “Labour will therefore extend the sunset clause in the Energy Profits Levy until the end of the next parliament. We will also increase the rate of the ...