BP boss pay doubles: Sunak must bring in bonus tax now

EMBARGO: Immediate release

The Liberal Democrats have demanded that the government bring in a tax on the bonuses of oil and gas company bosses, following the news that the chief executive of BP’s pay doubled to £10m.

The Liberal Democrats are calling for a “bonanza bonus” tax on oil and gas bosses making millions from sky-high energy bills, similar to the bankers’ bonus tax in 2009-10. 

Liberal Democrat Leader Ed Davey said:

“It is obscene that Rishi Sunak is happy for energy bosses to rake in millions of pounds in bonuses, while refusing to help families struggling to heat their homes.

“This Conservative government is just totally out of touch. It’s time that the eye-watering profits made from Putin’s illegal war in Ukraine were properly taxed and used to help reduce people’s bills.”

ENDS

Notes to Editor

BP chief's annual pay more than doubles to £10m - BBC News

Energy executive bonus tax 

The Liberal Democrats are calling for a one off levy on the bonuses awarded to oil and gas company executives. This would be modelled on the Bank Payroll Tax introduced in 2009-10, which taxed bonuses over £25,000 at 50%.