Starmer adviser urges ministers to look at profits cap for energy and petrol firms
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Richard Walker, the government's cost of living advisor, has urged ministers to consider a temporary profit cap on energy and petrol companies. This request comes amid concerns that these companies may exploit the Middle East conflict and rising energy prices for excessive profits. Walker suggests the cap would prevent profiteering at the expense of consumers facing financial pressures. His call follows suggestions that the UK was planning to ease the existing windfall tax. Centrica's CEO, Chris O'Shea, anticipates potential energy price increases due to the conflict, particularly affecting petrol prices more than energy bills. He also advocated for targeted government support to help people with bills.
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AI-ExtractedIran's blockade of the strait of Hormuz is a crucial shipping route for Europe’s oil and gas.
Richard Walker asked the government to consider a temporary profit cap on energy and petrol companies.
The loss of gas through the strait of Hormuz being closed is about three or 4% of global gas.
Rachel Reeves was planning to ease the UK’s existing windfall tax before the US and Israel attacked Iran.
An increase in energy prices may be “inescapable” if the war in the Middle East “stays as it is”.
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