‘Slam energy giants with £5billion tax’
MPs will today call for a £5billion one-off tax on the Big Six energy firms to fund local energy schemes and cut the poorest’s bills.
Labour MP and Co-op Party chairman Gareth Thomas wants firms with profits of more than £1billion a year targeted.
Mr Thomas is to tell the Co-op Party conference: “We need a transformation to stop excess profits, rocketing prices and soaring executive pay.”
The Competition and Markets Authority found customers of British Gas, EDF, npower, E.ON, Scottish Power and SSE, had paid £1.4billion a year more from 2009 to 2014 than they would have in a fully competitive market.
There are 38 Labour and Co-operative MPs.