No credible reason for not imposing a new windfall tax on oil and gas companies - The Yorkshire Post says

Ordinary people will feel the pain in one way or another with Jeremy Hunt already warning of difficult choices that the Government faces.

The underlying issue is the energy crisis that has resulted from Vladimir Putin’s mindless invasion of Ukraine. His actions have led to energy prices soaring and this has in turn led to inflation spiking.

The disastrous mini-budget, grounded in fairytale economics, from the previous short-lived administration didn’t help either. But the major concern has been energy.

Despite this, oil and gas giants such as Shell and BP have been swimming in profits. They’re the big winners from this crisis in the energy markets.

There is no need to complicate the matter. BP’s profits more than doubled to £7.1bn for the three months to September. It comes off the back of Shell revealing last week that it had doubled profits to £8.2bn.

The numbers speak for themselves. There can be no credible reason for not imposing a new windfall tax. Especially when there are parents going hungry so that there’s enough food for their children, elderly people huddling inside churches for warmth. The days are getting colder and the nights are drawing in, the worst is yet to come.

Saddling future generations with further debt isn’t the answer either.

The oil and gas giants are more than capable of absorbing an expanded windfall tax.