Calls for windfall tax as North Sea oil and gas profits soar

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Industry expected to report near-record cashflows thanks to rising gas prices, low wind generation and Chinese demand

took up the call at the weekend. Rachel Reeves, shadow chancellor of the exchequer, said: “There is a global gas price crisis, but 10 years of the Conservatives’ failed energy policy, and dither and delay, has created a price crisis that’s being felt by everyone. We want to stop bills going up.”

 

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Sunak is ideologically opposed to taking money off billionaires or major corporations.

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