Labour would extend windfall tax to prevent rising bills in April – Reeves

The transcript discusses the extension of the windfall tax to ensure those profiting from war contribute to reducing costs for others. It outlines plans to close fossil fuel investment loopholes and tax oil and gas companies at rates similar to Norway, backdating to 2022. The Labour government aims to pass savings to families, reducing energy bills by maintaining the energy price guarantee at £2500. The transcript emphasizes the need for the cap to decrease if wholesale prices fall, highlighting the unfairness of higher costs for those with the least resources.

What is the main principle discussed in the first section regarding war profits?

• Profits should be reinvested in the military.

• Ordinary people should bear the crisis costs.

• Beneficiaries of war profits should help reduce costs for others.

• War profits should be exempt from taxation.

What is the proposed change to the taxation of oil and gas companies?

• Exempt them from taxes.

• Tax them at the same rate as Norway.

• Maintain the current tax rate.

• Tax them at a lower rate than Norway.

How much revenue is expected to be raised by backdating the windfall tax to 2022?

• £5 billion

• £10 billion

• £20 billion

• £13 billion

What is the Labour government's plan for the energy price guarantee?

• Keep it at £2500.

• Remove the guarantee entirely.

• Set it at £3000.

• Increase it to £3500.

What is highlighted as a scandal in the third section?

• Increased military funding.

• Low taxes on luxury goods.

• Excessive government spending.

• High energy costs for those with the least.