Households are set to be £2,620 worse off due to the cost of living squeeze facing the country, Labour will say on Thursday. New analysis from the party – as it launches its local election campaign – comes as the Prime Minister is under increasing pressure to tackle spiralling costs and experts warned of the impacts. Sir Keir Starmer will call on voters to “send the Tories a message they cannot ignore” as he pledges to cut energy bills by up to £600 – funded by a windfall tax on oil and gas companies.
Speaking to ITV’s Good Morning Britain, Ms Reeves said: “I do find it quite extraordinary that the Conservatives are increasing taxes on ordinary working people and yet not asking these big oil and gas companies to pay more tax when their profits are going through the roof.
“The former chief executive of BP says that this tax is justifiable, the current chief executive of BP says that the company has got more money than it knows what to do with.
“They’re making near-record profits this year because of the inflated prices of oil and gas.
“If we introduced a windfall tax on those profits we could take up to £600 off the bills of those who need the support the most.
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“That would be my priority, that would be the priority of a Labour Government.
“This Government’s buy now, pay later scheme for energy bills just does not meet the scale of the challenge.”
More to follow…