Windfall tax on North Sea oil and gas could raise £2bn, says Labour

Forecast outstrips previous estimate as booming profits for energy firms would net more cash for struggling UK households

• The North Sea oil windfall - every little bit helps

A windfall tax on North Sea oil and gas operators could raise more than 2bn to cushion the pain of rising energy bills.

Analysis by the Labour party - which has called for the one-off levy - reveals that it could rake in at least 1.95bn for the Treasury, far more than the 1.2bn the party forecast in January.