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Windfall tax on oil and gas profits could ease the cost of living crisis

Oil-Rig-with-no-Logo

Train ticket increases, rises to water charges and the incoming hike in energy prices.

These should be shelved, and the emphasis should be on the cost-of-living crisis paid for by a windfall tax on gas and oil firms’ profits, Scottish Labour has said.

The party will lead a debate at Holyrood later today calling for the Scottish and UK governments to support people affected by soaring living costs, which will “devastate family finances”, the party has stated.

Scottish Labour wants a £400 payment targeted toward households in financial difficulty, which would be paid for by a “one-off windfall tax on increased oil and gas profits”.

There is also a call to cut VAT on home energy bills for the next 12 months due to the price cap being expected to raise by over 50% to around £2,000 annually for the average household, which would save families around £200 across the year.

Ahead of the debate, Jackie Baillie said: “Thousands of Scottish households are looking down the tracks at a cost-of-living crisis which will devastate family finances”, Scottish Labour’s Jackie Baillie said.

She continued: “With energy and other household bills set to rise, food prices soaring, and the increase to national insurance payments, the time has come to act.”

The motion proposed calls for MSPs to recognise rising inflation and it’s burden across increasing food and fuel costs, as well as high energy bills – stating “this will be exacerbated by the increase to national insurance, the likely hike to the energy price cap in April ’22, and the rises in Scotland to rail and water charges”.

It added, “extra targeted support to those who need it most, including pensioners and low earners, by expanding and increasing the Warm Home Discount, giving those households an additional £400 off energy bills, and agrees that this should be paid for by a one-off windfall tax on increased oil and gas profits”.

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