Kerry McCarthy Labour MP for Bristol East
This morning I spoke to Sky News about the eye-watering profits just announced by BP.
It is shocking that, while households are facing a cost-of-living crisis and people are having to make the choice between heating their homes and eating, BP has announced £6.9bn in profits this quarter – its highest profits in 14 years.
The Government should be taking immediate action to tackle the unfairness of companies making exorbitant profits while people struggle to meet basic needs. Yet Ministers are too busy squabbling and jostling for jobs in the next Prime Minister’s Cabinet to focus on the real issues facing the country.
Labour would remove the £4bn fossil fuel investment loophole in the windfall tax and backdate the tax to January to ensure it applies to all oil and gas profits from this year. We would use this revenue to ease the cost-of-living burden to households.
Watch clip here.