Levy lite: Windfall tax could have raised £6 billion more

The Liberal Democrats have branded Rishi Sunak’s windfall tax as a “levy lite,” after analysis shows it could have raised more than double the amount if it was tougher and implemented earlier.

The Liberal Democrats were the first party to propose a windfall tax last October. Under the party’s plans for a tougher windfall tax, a total of £11 billion would have been raised, including cash that could have helped families through last winter.

That compares to just £5 billion being raised under Rishi Sunak’s proposed levy. This is equivalent to each UK household losing out on over £200 because the Chancellor’s windfall tax was too weak and too late.

Responding to Rishi Sunak’s u-turn on taxing oil and gas companies, Liberal Democrat Treasury spokesperson Christine Jardine MP said:

"This is more a levy lite than a windfall tax. The Chancellor could have raised double the cash from oil and gas companies if he had the bottle. Instead, Rishi Sunak’s tax hikes on families will wipe out anything announced today.

"The Chancellor’s arrogant dismissal of a windfall tax left pensioners sitting in the cold last winter. He should do the decent thing and apologise to them, then get on with slashing taxes for families."

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