Rachel Reeves urged to raise taxes on companies profiting from war on Iran
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A coalition of UK charities, trade unions, and campaigners is urging Labour's Rachel Reeves to impose new taxes on companies allegedly profiting from the US-Israel war on Iran. They propose expanding the existing North Sea energy windfall tax and introducing levies on sectors like energy, banking, agriculture, defense, and tech. The groups argue that revenue generated could fund emergency cost-of-living support and bolster the UK's energy resilience. Reeves has signaled a willingness to provide targeted assistance and warned against corporate profiteering, while also considering adjustments to the current energy profits levy before the conflict. The call comes amid broader pressure on the government to support households and prevent companies from exploiting the crisis, with some advocating for energy and fuel price caps.
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AI-ExtractedRichard Walker urged Starmer to explore a profits cap on energy and fuel firms.
The UK already has a windfall tax on North Sea oil and gas firms – the energy profits levy, which is due to run until 2030.
Rachel Reeves is being urged to raise taxes on businesses generating “windfall” profits linked to the US-Israel war on Iran.
A group of charities, campaigners and trade unions said the chancellor could raise billions by taxing “excess profits” linked to the conflict.
Reeves had been planning to ease the tax before the US and Israel attacked Iran on 28 February.
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