MP urges windfall tax on oil and gas ‘oligarchs’

A senior Tory MP has branded oil company bosses the “new oligarchs” in a direct call at Westminster for the chancellor to impose a windfall tax on profits.

Robert Halfon warned Rishi Sunak that oil companies are not passing cuts in fuel duty to consumers during a debate in the Commons.

The Conservative MP said oil bosses are the “new oligarchs” due to “earning multi-millionpound salaries and getting multi-millionpound bonuses”.

He urged Mr Sunak to consider a windfall tax on oil companies to enable the government to cut taxes for the lower-paid, or cut energy bills.

It came as MPs prepared to vote on a windfall tax proposal by Labour during debate on the Queen’s Speech, which set out government plans.

Reacting to the comments, Aberdeen South SNP MP Stephen Flynn said: “In recent times we’ve had senior politicians refer to the oil and gas industry as the ‘hard right’, and now we have a top Tory talking of ‘oligarchs’.

“Such incendiary comments are unnecessary at the best of times but, given the role that oligarchs have played in propping up Putin, they are just not acceptable.

“Tensions are clearly high around both the necessary transition to net zero and introduction of a windfall tax, but these verbal attacks on an industry that supports the employment of tens of thousands of my constituents need to stop.”

BP and Shell both reported bumper profits earlier this year as energy prices skyrocketed.

The chancellor repeated his claim that “no option is off the table” after calls to introduce the tax.