The UK Labour Party published its pre-elections manifesto reporting an £11 billion windfall tax on oil companies and delist procedures from the London Stock Exchange those who make no efforts in tackling climate change.
Following the Labour Party’s statement, that the Prime Minister failed to meet the climate and environment regulations in the six-month deadline that the parliament had set, in its manifesto, the Party discussed all urgent matters that affect the UK today, paying extra attention to the energy sector and the importance of moving towards more sustainable and green actions.
According to the manifesto
We will introduce a windfall tax on oil companies so that the companies that knowingly damaged our climate will help cover the costs.
Energy use for the buildings reaches the 56% of the country’s total emissions, highlighting that it’s the most polluting sector; Therefore, the party will la6ter develop its recommendations on their “30 by 2030” report, assisting the efforts of the whole country to a carbon-zero future by 2030.
In addition, the news about the windfall tax are based on the fact that the Party aims to make polluting companies understand that they knowingly damage the environment, providing on the same time a strategy to safeguard the people, jobs and skills that depend on the offshore oil and gas industry.
In addition to the tax, the Party noted that
The size and precise scheme of the tax to pay for the Fund will be determined after consultation and a comprehensive assessment of what is necessary. The tax will have no effect on prices for consumers at the pump as oil prices are determined by a global market.
Concluding, the Manifesto states that the party will launch a £400 billion National Transformation Fund, to make sure that the money spent in the future will be in line with UK’s environmental and climate targets.
