City AM – Windfall windbags: Labour calls for tougher tax after BP profits
CITYAM says Windfall tax-backing politicians were yesterday described as “completely out of ideas” after calling for the already swingeing levy on North Sea operators to go further.
The calls were triggered by healthy first quarter profits for BP of around £4bn, announced to markets yesterday morning.
Labour’s shadow energy secretary Ed Miliband said the firm was enjoying the “unearned windfalls of war”, although analysts noted the price of natural gas is now lower than it was in the aftermath of Russia’s invasion of Ukraine.
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