Labour is pushing for a windfall tax on the industry’s bonanza – and Sunak must grasp that this is not even an ‘un-Tory’ idea
North Sea oil producers are ripe for a windfall tax. Without moving a muscle, they have benefited from a doubling in the oil price and a quintupling of the gas price over little more than a year.
There are big names in the frame, like BP and Shell, and some minnows that are now making hundreds of millions of pounds from wells offloaded a few years ago by these two lumbering giants of the industry.
