Lib Dems call for one off ‘Robin Hood tax’ on oil and gas barons to raise £5billion

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The Liberal Democrats have called for a tax on the super-profits of oil and gas firms to raise money to support millions of families facing soaring energy costs.

Despite the growing cost of household heating bills - many of energy firms are making record profits.

Lib Dem leader Ed Davey MP said: “It is a disgrace that a few energy fat cats are raking it in from record gas prices while millions of people can't afford to heat their homes.

“A ‘Robin Hood tax’ on oil and gas barons would provide vital cash to support the least well off facing crippling energy price hikes.”

The proposed one-off levy would raise an estimated £5 billion. This would be used to support vulnerable households - many of whom are current facing a crippling 50% increase to their energy bills. This is an idea that the Labour Party is also belatedly supporting.

The Liberal Democrat plan would:

  • Double and extend the Warm Homes Discount: Taking £300 a year off the heating bills of around 7.5 million vulnerable and low income households;
  • Double the Winter Fuel Allowance: Giving up to £600 a year to 11.3 million pensioners to help with heating bills.
  • Provide a new ten-year home insulation scheme: Helping to reduce people’s energy bills in the long-term through an emergency home insulation programme to upgrade poorly insulated UK homes.
  • Support businesses and protect jobs: By helping firms reduce their energy costs in the long-term.

Lib Dem candidate for West Browmich East, Andy Graham, added: “For years the Conservatives have ignored the problem of rising energy bills and fuel poverty. There are many people in Sandwell who are suffering from fuel poverty, and we need radical action now so that people aren’t forced to choose between heating and eating this winter.”

We back the Liberal Democrat call for a tax on the record profits being made by oil and gas producers - and call for that money to be invested in reducing energy costs.

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