Welligence UK Fiscal & Policy | Labour’s proposed windfall tax terms – another damaging shift in policy on the cards?

February 9, 2024

Oil production into the sea

On 8 February, the Labour Party announced that it was reducing its £28bn annual expenditure target on green/renewable energy. As part of this announcement and modification to its Green Prosperity Plan it also announced that, should it come into power in the next General Election, it will modify the existing Windfall Tax (Energy Profits Levy, EPL) to help fund investment into renewable energy.