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UK Labour Proposes Extending Windfall Tax on Oil and Gas Firms

Aug. 14, 2022, 9:30 PM

The UK’s main opposition Labour Party has proposed extending Britain’s windfall tax on oil and gas companies, saying the proceeds should be used to fund a total freeze on energy bills over the winter.

Labour -- whose initial proposal for a windfall tax was ultimately copied by the governing Conservative Party after months of pressure -- said the levy should be backdated to January, raising an extra £8 billion to help finance freezing the current £1,971 ($2,392) annual limit on household energy bills.

The Labour plan, to be announced by leader Keir Starmer on Monday, will put renewed pressure on ...