Labour urges MPs to back windfall tax warning household savings being ‘crunched’

‘Savings are being crunched or disappearing altogether’

Last week Boris Johnson did not rule out a windfall tax (REUTERS)

Labour has renewed its call for a windfall tax on oil and gas companies as the party claimed household savings were being “crunched” or “disappearing altogether” as the cost-of-living crisis bites.

It comes as Sir Keir Starmer, the Labour leader, prepares to table an amendment to the Queen’s Speech on Tuesday, urging MPs of all political stripes to back a tax on the extraordinary profits of energy companies.

The government is facing intense pressure over the issue, and last week Boris Johnson did not rule out a windfall tax, despite repeating his view it would deter green investment after months of resistance.