Labour urged Tory government to use Thursday's meeting with oil and gas giants in Downing Street to close 'shameful' loophole in windfall tax .
Labor Shadow Prime Minister Rachel Reeves said the Tories were handing billions of dollars in tax cuts to the oil and gas giants.
MP says government's own Energy Profits Tax Factsheet says new investment deduction in tax means for every £1 invested he returns 91.25p back to businesses with additional tax relief I emphasized that
Reeves said: "Governments should be ashamed of having this loophole in the first place. This is not appropriate when people are worried about how they will pay their bills."
Oil and Gas Producers say they're making big profits on the back of rising prices, but consumers face a nightmare of rising energy bills they can't afford without government support.
BP CEO Bernard Rooney previously described the current high as the company's "cash machine," but the chief financial officer said BP was "what I have so much money that I don't know what to do with it," he said. Prices remained high.
Reeves said Acting Prime Minister Nadim Sahawi should persuade oil companies to take more action against them at a crisis summit on Thursday.
Workers demanded a windfall tax on energy companies to bail out consumers, 137 days before the government announced it would be dragged out.
A 25% surcharge on profits this year would raise him £5bn, but Labor said the government deferred could have spent about £1.9bn on public services. revealed that he had lost
Read:
