Eastwood: Companies can’t be allowed to profit from cost of living misery

colum eastwood cost of living Windfall tax

Social Democratic and Labour Party Leader Colum Eastwood MP has said the British government cannot allow any company to enjoy huge profits due to the cost of living emergency.

He was speaking after BP announced profits of £7.1bn between July and September.

Mr Eastwood said the government must increase the windfall tax on energy companies to provide extra support to those who are struggling due to rising costs.

Foyle MP Mr Eastwood said:

“It’s an absolute disgrace that at a time when many people across these islands are struggling energy companies like BP are reporting huge profits. Nobody should be allowed to benefit from an emergency that is making it more and more difficult for people to afford basic necessities like heating and food and it’s well past time the British government took proper action.

“From the beginning of this crisis we repeatedly called for a robust windfall tax to be imposed on these companies to fund cost of living support. While the Tories were reluctantly forced to act it’s clear that the current tax in place doesn’t go anywhere near far enough.

“Introducing a proper windfall tax on these obscene profits would go a long way to helping people living in cold homes with empty cupboards. As we enter November people in the North have been failed by the Tories at Westminster and the DUP at Stormont, with utterly inadequate support in place and the majority who rely on home heating oil treated as an afterthought. The British government should act now to protect people by imposing a proper windfall tax on these companies and providing clarity around the £400 energy payment to families here.”

Font size