Analysis by the Labour party which has called for the one-off levy - reveals that it could rake in at least £1.95bn for the Treasury, far more than the £1.2bn the party originally forecast in January. The estimate has been revised up to reflect the surge in oil and gas prices that followed Russia's invasion of Ukraine in February.
Pressure is building for the government to redistribute the extraordinary profits being made by energy companies this year. Yesterday the chairman of Tesco, John Allan, added his voice to calls for action, saying there was an "overwhelming case” for a windfall tax.
Labour's new calculation is based on forecasts from the Office for Budget Responsibility (OBR), released alongside the spring statement in March, which took in the price surges seen in the week after Russia invaded Ukraine.
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