Friday, July 1, 2022
HomePoliticsValue of people’s pensions will plummet if you hit oil & gas...

Value of people’s pensions will plummet if you hit oil & gas firms with windfall tax, warns minister

PENSIONS will plummet if ministers slap a windfall tax on oil and fuel giants, a senior Tory has warned.

Training Secretary Nadhim Zahawi stated there was no pain-free strategy to remedy the cost-of-living disaster as Tory tensions over the proposals rumbled on.


Nadhim Zahawi stated there was no pain-free strategy to remedy the cost-of-living disasterCredit score: PA

The Chancellor is claimed to be taking a look at whether or not to cost totally different levies on firms relying on how a lot they spend money on UK vitality networks.

Yesterday, Mr Zahawi stated ministers have been contemplating all of the choices — however burdened there have been downsides to introducing new taxes.

He informed Sky: “In the event you apply a windfall tax, companies should scale back or take away their dividend.

“Who receives the dividend? Pensioners by way of their pension funds.”

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Nonetheless, ex-Treasury minister Jesse Norman backed the concept, saying Margaret Thatcher as soon as put ahead an identical transfer.

He stated: “These are extraordinary instances, and the arguments in opposition to it at are very weak.”

The row got here amid fears vitality payments may rise by as much as £1,000 this winter to £3,000.

Labour have repeatedly known as for a windfall tax to assist these struggling to make ends meet.

However final evening the Treasury accused Keir Starmer’s get together of getting a £90billion black gap in its spending plans.

Chief Secretary to the Treasury Simon Clarke stated: “This new file reveals how the Labour Social gathering would wreak havoc on the economic system.

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“This is identical outdated Labour.”

However Labour hit again, saying: “We’ve set out how all of our insurance policies might be paid for.”

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