Tensions over whether to backdate windfall tax

MPs are debating the implementation of a windfall tax on oil and gas producers in the House of Commons this afternoon to help ease the cost of living crisis. 

Treasury minister Lucy Frazer lauded the Conservative’s motion that will encourage investment and provide domestic energy security, criticising Labour for not engaging with the industry.

Labour’s James Murray called on the government to go further by backdating the windfall tax to January, when Labour first called for the tax, which he described as a “well-established” principal.