Sunday, June 01, 2008

Treasury nets £1.7billion windfall from taxes on soaring oil and energy prices, says study

By Becky Barrow
Last updated at 12:18 AM on 02nd June 2008
 

Gordon Brown is scooping a £1.7billion windfall from soaring oil prices and energy bills, research has shown.

The revelation will embarrass the Prime Minister, coming at a time when food and fuel bills are crippling millions of families.

Two reports, from accountants Grant Thornton and from the charity Age Concern, accuse the Government of making a fortune from hard-pressed taxpayers.

The biggest windfall is the extra £1.1billion made on petrol in only 81 days since the Budget on March 12, according to Grant Thornton. It claims the Treasury is benefiting as a result of record oil prices.

Of that, an extra £900million comes from North Sea oil taxes paid by companies.

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