Reaction to Government’s announcement of a windfall tax on excess oil and gas profits

In response to the government’s announcement of a windfall tax on excess oil and gas profits to address the soaring cost of living crisis, Sam Nadel, Oxfam’s head of government relations said:

“About time! It’s right that fossil fuel companies making excess profits are being asked to contribute more at a time when so many families in the UK have run out of options and can’t afford to pay the bills, with little left to cut back on.

“The Government is right to prioritise those on the lowest incomes and support them through the social security system - these payments will be especially important for sick and disabled people who often require more energy. Ensuring that this support reaches those who are most in need quickly and efficiently must now be the priority.

“However sweetening the pill for fossil fuel companies with the promise of huge tax relief for new UK oil and gas extraction investment is a backwards step and reckless given the climate emergency. The energy price crisis is a stark reminder of our over reliance on fossil fuels. We should be strengthening our energy security through investment in our own abundant renewables which are cheap, secure, and clean forms of energy.”

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