Amid spiralling prices, the government is under pressure to take further action, with splits over the potential to raise money through a 'windfall tax' on the profits of oil and gas companies.
Please use Chrome browser for a more accessible video playerFormer Tory minister John Redwood told Sky News that"Labour's windfall tax" was not needed because North Sea oil and gas"already pays double tax".Another former minister said the"gut instinct" for many in the Conservative Party would be to help people through tax cuts, but also acknowledged that"may be turned on its head" given the direct interventions that had taken place during the pandemic.
The government is already handing out £150 council tax rebates for many homes and will take £200 off energy bills from October. Last week, the chancellor said he was not able to raise the payments more than 3.1% due to an old computer system that the Department for Work and Pensions uses.Cost of Living Crisis: Five solutions
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