Renewable energy cap: Lib Dems to table amendment expanding windfall tax on oil and gas companies

The Liberal Democrats have called on the government to expand its windfall tax on oil and gas companies, after ministers announced they will introduce a cap on the revenues of renewable energy companies.

The Liberal Democrats plan to table an amendment to the legislation when it is introduced to Parliament, to ensure that oil and gas companies making record profits also pay their fair share. 

Liberal Democrat Leader Ed Davey said:

"This shows the Conservatives are doing everything they can to avoid taxing the big oil and gas companies who are making tens of billions in profits. 

“Liberal Democrats will fight to ensure the oil and gas giants pay their fair share through a much tougher windfall tax.

“People’s energy bills are set to double this winter compared to last, leaving many facing impossible choices. It’s only right that companies like BP and Shell making billions from sky-high prices should contribute more to helping people stay warm in the cold months ahead.

“By failing to tax these fossil fuel giants, the Government now seems to want homeowners to pick up the bills in higher mortgage costs.”

ENDS