ENERGY giants are taking home £60 million in profits every day as Prime Minister Rishi Sunak continues to refuse a proper windfall tax to help working people, Labour has warned today.

In 2023 so far, Britain’s largest energy companies have recorded £7 billion in profits, the party’s analysis of official data found.

Labour has echoed demands by poverty campaigners that the government introduce a higher windfall tax on oil and gas giants to help British families struggling with the cost-of-living crisis.

This help would include a freeze on council tax.

The party has criticised loopholes in the energy profits levy for giving “generous and untargeted handouts” for companies, leaving billions on the table.

The levy was brought in last year following pressure from campaigners, unions and MPs to tax the profits of all companies that extract oil and gas in the North Sea.

Shadow energy secretary Ed Miliband said: “While families face the crunch from soaring bills, these new figures confirm yet again that the Conservatives are refusing to do the fair and right thing and bring in a proper windfall tax on oil and gas giants to help freeze council tax this year.”

Britain has one of the lowest rates of windfall taxing in Europe at 75 per cent. Labour has said that raising the rate to match Norway’s 78 per cent, backdated to January 2022, when surging profits were first reported, would raise £10.4bn for the 2022-23 and 2023-24 fiscal years.

A one-year council tax freeze would cost just £2.7bn, the party’s analysis of Office for Budget Responsibility data found.