Campaigners from Positive Money demonstrate outside the Bank of England in London, against the rises in interest rates amid the cost of living crisis. They are demanding the government introduce a windfall tax on bank profits, August 3, 2023
POLITICIANS are out of step with the public on windfall tax as polling published today found that more than half of Brits think ending the levy now would be wrong.
Anti-poverty campaigners slammed government ministers who have signalled that they would end the windfall tax on North Sea oil and gas firms, including Chancellor Rachel Reeves who said the levy would be eased before the start of the US war on Iran.
More than half (53 per cent) of the 2,047 respondents to Survation’s poll conducted last week said ending the windfall tax would be the wrong thing to do.
The study also found that 63 per cent of the public believes the energy industry is profiteering from the war in Iran, with a further 47 per cent wishing for the levy to be extended to more energy firms.
As 83 per cent reported worries surrounding rising energy costs, End Fuel Poverty Coalition co-ordinator Simon Francis demanded the government not let up on energy firms at this critical moment.
“This is not the moment to hand a tax break to the oil and gas industry and ministers must hold firm with the windfall tax, while also examining any profiteering from the conflict among other sectors of the energy sector,” he said.
“Trump’s attacks on Iran, the damage to Qatari gas production and the disruption to supplies has led to spikes in the costs of heating oil and gas.
“But while households will feel the effects of this for months to come, the energy industry will continue to benefit from increased prices and a fresh wave of excess profits.”
He added now should be the moment “the country unites to push for more support for energy efficiency measures and boosts renewable energy plans to bring down bills and secure our energy supply for the long term.”
Uplift deputy director Robert Palmer agreed: “Politicians calling for an end to the windfall tax just as the oil and gas giants are about to make billions in bumper profits are tone deaf.
“The only way to bring down energy costs over the long term is to get off our reliance on oil and gas, and invest as fast as we can in renewables.
“More North Sea drilling will not take a penny off our bills, only boost the profits of fossil fuel companies.”
