Sunak’s failing windfall tax enabling oil giants to avoid paying billions, say Labour and Lib Dems – as it happened

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Opposition parties say the government is failing to act as oil companies continue to rake in massive profits, despite oil and gas prices coming down from last year's highs.

BP on Tuesday reported net profits of $2.6bn (2bn) for the three months to the end of June.

These figures demonstrate the continuing scandal of the Tory failure to act on the windfalls of war being pocketed by the oil and gas producers.

Labour would bring in a proper windfall tax on oil and gas giants to help tackle the cost-of-living crisis, alongside our plan to make Britain a clean energy superpower so we can lower bills for families and businesses.

The government shouldn't be hoodwinked to remove the windfall tax by this profit drop. Let's be frank, these are still huge.

No family should go cold next winter because the government backed down on taxing the likes of BP.