Oil and Gas Producers: Windfall Tax — 1 Feb 2022 at 18:43

The majority of MPs voted in favour of a windfall tax on the profits of North Sea oil and gas producers to be used to help fund a package of support for families and businesses facing the energy price crisis.

The motion supported by the majority of MPs in this vote was:

• That this House
• notes the cost-of-living crisis hitting families across the country and that the energy price cap is predicted to rise by 50 per cent from April;
• recognises that rocketing energy prices are hitting businesses as well as household budgets;
• calls on the Government to introduce a windfall tax on the profits of North Sea oil and gas producers; and
• further calls on the Government to use that windfall tax to help fund a package of support for families and businesses facing the energy price crisis.

A windfall tax is a higher tax rate on profits that result from a sudden windfall gain to a particular company or industry.^[1]

• [1] Windfall tax, Wikipedia, Wikipedia.org

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