Oil profits leads to renewed windfall tax calls

Date: 29th October 2008

Huge profits for oil giant BP have led to renewed calls for windfall taxation to help the ailing economy.

In its quarterly statement, BP revealed that it had amassed record profits of £6.4 billion, representing an increase of nearly 150 per cent over the same period last year.

Chief executive of the oil firm, Tony Hayward, attributed the sharp rise to spiking oil prices within the three-month period.

Labour MP for Hayes and Harlington, John McDonnell, said: "This is a grotesquely obscene level of profiteering by BP and I will be calling in parliament for price controls and windfall taxes."

He added that such taxation would help six million people heat their homes this winter and discourage companies from "profiteering from the basics of life".

Also this week, business start-ups have until this Friday (October 31st) to file a paper self-assessment tax return with HM Revenue and Customs.