Liberal Democrats Renew Call for Windfall Tax on Oil and Gas Producers

The Liberal Democrats have renewed calls for a windfall tax on oil and gas producers who have profited from massive price increases in energy bills.

The party claims that families are paying an extra £425 on food, drink and clothing than a year ago, while an additional £310 is needed to refill a car.

The Liberal Democrats said a windfall tax on oil and gas producers who have benefited from the price hikes would generate enough money to give over seven million households £300 off their heating bills this year – an estimated £5 billion.

Commenting, Sheffield Liberal Democrat Leader councillor Shaffaq Mohammed said:

“Only ½ of Sheffield Households feel they can keep their current lifestyle according to data from Legal and General. 1/5 fear they will be unable to cope.

"Meanwhile, oil and gas companies have seen profits soar. It's a massive gut punch to everyone who has seen their bills increase recently.

"BP made £6.9bn between April and June, 3 times the amount it made last year. Shell made around £10bn over the same period. This winter, household energy bills are set to hit more than £3,600 a year. It's not on.

“The Liberal Democrats are calling on the government to deliver a plan that can ease the immediate cost of living crisis this year and address the longer-term challenge of delivering an energy supply that is affordable, secure and net zero."