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“The oil and gas companies are now investing £20billion in ensuring that we have long-term energy supplies.”<\/p>\n
The Prime Minister added: “Everything that Labour is proposing would deter investment, meaning higher prices for consumers and households up and down the land being worse off.”<\/p>\n
Labour’s cost of living plan includes a windfall tax on energy companies which could bring in as much as £3billion, meaning the Opposition’s measures would cost around £2billion more than the Government’s proposal.<\/p>\n
The Taxpayers’ Alliance, a Westminster-based pressure group, also criticised Sir Keir Starmer’s plan.<\/p>\n
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John O’Connell, chief executive at the TPA, last month told Express.co.uk: “Politicians should be wary of the siren song of windfall taxes.<\/p>\n
“Taxing energy profits will discourage investment and dissuade new players from entering the market, meaning even bigger price rises or fewer energy suppliers able to weather a future crisis.<\/p>\n
“Governments should focus on limiting these haphazard interventions and instead resolutely go for growth with a pro-enterprise, lower-tax agenda.”<\/p>\n
Despite Mr Sunak’s Mumsnet suggestion that such a policy was “never off the table”, energy companies have insisted they have outlined plans to invest more in Brexit Britain.<\/p>\n
A spokesperson for the oil trade body Offshore Energies UK (OEUK) said its members plan to invest £20billion in UK projects to extract oil and gas between now and 2026.<\/p>\n
DON’T MISS: The OEUK also claimed it estimates £60billion will be invested into offshore wind projects in Britain by the end of the decade.<\/p>\n Shell, an Anglo-Dutch company which gave Brexit Britain a boost after it announced it would relocate to the City of London from the Hague, said it would pump £25billion into the UK energy system over the next decade.<\/p>\n The company even claimed three-quarters of the investment would not be spent on the North Sea and would instead be pumped into offshore wind, hydrogen and electric vehicle infrastructure.<\/p>\n BP also outlined its own plan to spend twice as much on UK projects.<\/p>\n However, penny-pinching Brits have been hit by a cost of living crisis as inflation exceeds seven percent and energy bills increased by £693 following the price cap hike on April 1.<\/p>\n
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Ban scrolling and do your jobs properly, says Ashley Smith [INSIGHT]<\/strong><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/BP-also-outlined-its-own-plan-to-spend-twice-as-much-on-UK-projects-4046561.jpg?r=1651281170255\")
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