Oil bosses dubbed ‘the new oligarchs’ as political focus on windfall tax for energy giants grows

Conservative MP Robert Halfon this morning labelled oil company bosses “the new oligarchs” as he called on the Government to hit them with a windfall tax.

Speaking on BBC Radio 4’s Today Programme, he said the Government had done “a fair bit” to tackle the cost-of-living crisis but that families were still struggling with food and energy bills.

Halfon said: “I do think that the Government should consider properly a windfall tax.

“Oil companies or oil bosses are the new oligarchs – one of them earning a salary over £76 million, getting a £4.5 million bonus.”

Conservative MP Robert Halfon

Pressed on the oligarch claim by Nick Robinson, the Harlow MP pointed to “the way oil companies are ripping off motorists at the pump by not reducing the price quickly when the oil price falls internationally”.

Arguing that windfall taxes were not “un-Conservative”, Mr Halfon argued: “Margaret Thatcher did it, David Cameron has done it, Conservative governments have imposed windfall tax on oil companies in times of need.”

Govt not ruling tax out

Halfon’s comments came only minutes after Prime Minister Boris Johnson refused to rule out a windfall tax on the profits of the energy companies to help relieve the pressure of the cost-of-living squeeze.

Chancellor Rishi Sunak has reportedly told Treasury officials to examine plans for a levy on the soaring profits of the oil and gas giants.

It follows an admission by BP chief executive Bernard Looney, who said his firm’s investment plans would not be affected by a windfall tax.