Brits face a massive increase in energy bills. BP and Shell could be on the hook to pay
CNN
The UK government is coming under mounting pressure to increase taxes on oil and gas companies, including BP and Shell. The aim: to help British households cope with skyrocketing energy bills.
The main opposition Labour Party this weekend called on Prime Minister Boris Johnson to impose a windfall tax on companies pumping oil and gas from the North Sea, saying that the money raised could be used to cut roughly £200 ($272) from soaring household bills.
The party says the rate of corporate tax the companies pay should be increased by 10 percentage points for a year. The additional revenue would be spent on eliminating a 5% sales tax on energy for a year and covering the cost of bailing out dozens of small energy providers that have already gone bust because of rising wholesale costs. Labour would also increase energy subsidies for the poorest households to £400 ($545) per year from £140 ($190).
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