Labour to increase windfall tax on energy companies from 35% to 38%

Chancellor Rachel Reeves stated that the increase in the windfall tax from 35% to 38% will generate £1.2 billion annually, which will help fund new energy policies and assist households facing rising energy prices.

The rise of the windfall tax reflects Labour's commitment to ensure oil and gas companies pay their fair share during this extraordinary profit period, while supporting families impacted by the ongoing cost-of-living crisis.

A Labour spokesperson pointed out the plight of families during the cost of living crisis, emphasizing that while they struggle, the Conservatives have favored big oil and gas firms reaping record profits.

By keeping the windfall tax rate until 2030, Labour aims to generate additional revenue for public investments and targeted relief for families affected by soaring energy costs.

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