Business Minister Kwasi Kwarteng has written a letter to companies urging them to provide a clear plan to spend their profits to improve production in the UK. He also ordered the industry to submit proposals for clean energy investments at a meeting to be held in the coming weeks. Despite the cost-of-living crisis that continues to plague Britain, ministers have not received new funding to ease the pressure on families. In his letter, Mr Kwarteng said domestic energy production was essential for the growth of the British economy and for “significantly reducing consumer bills in the long run”. “In return for the continued support of the British Government in this area, the Prime Minister, the Chancellor and I want to see a very clear plan by the oil and gas industry to reinvest profits in the North Sea and, above all, in the clean energy technologies of the future. “, He wrote. However, Labor criticized the move, saying the letter was “not worth the paperwork” for the millions of people facing rising costs. Shadow of Climate Change Secretary Ed Miliband said the government was “panicking” over the economic results to be released next week, which “will show oil and gas producers making rapid profits”. Use the Chrome browser for a more accessible video player 15:57: Labor demands an unexpected tax Read more: Unexpected taxes have been tried in the past – but could such a move fail? “After months of opposition to the unexpected tax with their teeth and nails, the government is rattling because they are losing the argument,” he added. An unexpected tax is a mandatory financial burden imposed by a government on certain industries that have above-average profits due to economic conditions. Mr Miliband explained that “the only way to really make a difference” is for ministers to apply a lump sum tax on oil and gas companies’ profits. “Families want action to deal with the crisis of accounts, not an empty, offensive piece of political turnaround,” he said. Ministers are resisting the tax, but Chancellor Rishi Sunak opened the door to the move earlier this week.
