A top Tory has warned that if ministers impose a windfall tax on oil and gas companies, pensions are set to plunge.<\/p>\n\n\n\n
As Tory divisions over the ideas grew, Education Secretary Nadhim Zahawi acknowledged there was no painless approach to fix the cost-of-living challenge.<\/p>\n\n\n\n
According to reports, the Chancellor is considering charging corporations different fees depending on how much they invest in UK energy networks.<\/p>\n\n\n\n
Mr Zahawi said yesterday that ministers were reviewing all alternatives, but that there were drawbacks to imposing extra taxes.<\/p>\n\n\n\n
He told Sky: \u201cIf you apply a windfall tax, firms will have to reduce or take away their dividend.<\/p>\n\n\n\n
“Who receives the dividend? Pensioners through their pension funds.\u201d<\/p>\n\n\n\n
However, ex-Treasury minister Jesse Norman backed the idea, saying Margaret Thatcher once put forward a similar move.<\/p>\n\n\n\n
He said: \u201cThese are extraordinary times, and the arguments against it at are very weak.\u201d<\/p>\n\n\n\n
The row erupted amid predictions that energy bills could climb by up to \u00a31,000 to \u00a33,000 this winter.<\/p>\n\n\n\n
Labour has often asked for a windfall tax to assist individuals who are struggling financially.<\/p>\n\n\n\n
However, the Treasury accused Keir Starmer’s party of having a \u00a390 billion budget deficit yesterday night.<\/p>\n\n\n\n
Chief Secretary to the Treasury Simon Clarke said: \u201cThis new dossier shows how the Labour Party would wreak havoc on the economy.<\/p>\n\n\n\n
“This is the same old Labour.\u201d<\/p>\n\n\n\n
But Labour hit back, saying: \u201cWe have set out how all of our policies will be paid for.\u201d<\/p>\n\n","protected":false},"excerpt":{"rendered":"
A top Tory has warned that if ministers impose a windfall tax on oil and gas companies, pensions are set to plunge. As Tory divisions over the ideas grew, Education … <\/p>\n