"A group of leading charities, campaigners, and trade unions said the chancellor could raise billions by taxing excess profits linked to the conflict. They urged Labour to strengthen its existing North Sea energy windfall tax and to introduce new levies for firms in these other sectors."
"The extra revenue for the exchequer could be used for emergency cost-of-living support and to invest in the future resilience of the UK economy against energy shocks. The letter said, 'Taking bold action to systemically reform our tax system and invest in our energy security will build resilience in our economy.'"
"Reeves has signalled the government stands ready to provide targeted help for households grappling with the economic fallout from the Middle East conflict amid a surge in energy prices since the onset of the war."
Leading charities, campaigners, and trade unions are urging Rachel Reeves to tax excess profits from businesses benefiting from the US-Israel war on Iran. They suggest that energy companies, banks, and other sectors could generate billions to fund emergency cost-of-living support. The letter emphasizes the need for a stronger windfall tax and new levies to ensure financial resilience against future energy shocks. Reeves has indicated readiness to provide targeted help for households affected by rising energy prices amid the conflict, while also warning against corporate profiteering.
Read at www.theguardian.com
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