The Labour Party has unveiled plans to keep the energy price cap at current levels by increasing taxes on oil and gas firms that have made sizable profits in recent months.
Party leader Keir Starmer said that Labour “wouldn’t let people pay a penny more” on their winter fuel bills, which would save a typical family around £1,000, UK media reported.
The plan would cost £29 billion but would be paid for through an extension of the windfall tax on oil and gas firms that was announced in May after months of mounting pressure from MPs and public bodies on then-chancellor Rishi Sunak.
Currently, the tax will pay for a £400 discount on household energy bills over the winter, although with the price cap estimated to rise to over £5,000 by January, the money will offer little respite from the soaring bills.
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