Labour Calls for Windfall Tax On Energy Firms, As Rachel Reeves Vows To Make Them 'Pay Their Fair Share'

The Labour Party has called for a windfall tax on energy firms, as the party's Shadow Chancellor, Rachel Reeves, vowed to make them "pay their fair share".

In a speech to the party's annual conference, Reeves said that the government should introduce a one-off levy on the profits of energy companies, which have soared in recent months due to the rising cost of oil and gas.

Reeves said that the money raised from the tax could be used to help households with the cost of energy bills, which are expected to rise sharply this winter.

She said: "The energy companies have made billions of pounds in profits while families are struggling to pay their bills. It's time for them to pay their fair share."

The Labour Party's proposal for a windfall tax on energy firms has been met with mixed reactions.

Some have welcomed the proposal, arguing that it is a fair way to raise revenue to help households with the cost of living.

Others have criticized the proposal, arguing that it would discourage investment in the energy sector and could lead to higher prices for consumers in the long term.

The government has said that it is considering the Labour Party's proposal, but has not yet made a decision on whether to introduce a windfall tax on energy firms.