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MP votes for windfall tax on oil and gas companies

May 18, 2022 10:45 AM

In Parliament last night, South Lakes MP Tim Farron voted to bring in a windfall tax on energy companies to help fund support for people struggling with rising bills.

Earlier this month it was revealed that BP's profits had more than doubled to £5bn in the first three months of this year. Meanwhile Shell had made over £7bn during the same time period.

It was also announced today that prices are rising at their fastest rate for 40 years, with inflation reaching 9%.

However the motion to introduce a windfall tax on oil and gas companies was defeated by 310 votes to 248, with not a single Conservative MP voting in favour of it.

Speaking after the vote, Tim said: "The profits made by the energy companies are unearned, unexpected and unnecessary - we should be giving that money to people who desperately need it.

"So I'm deeply disappointed that Conservative MPs have voted this proposal down.

"Every day, more families are telling me that they are really struggling to pay the bills or put food on the table for their kids.

"The Chancellor must swallow his pride and announce a U-turn today."