Tory MP brands oil bosses ‘new oligarchs’ during Westminster debate

A Conservative MP branded oil and gas bosses the “new oligarchs” during a debate in Westminster on Tuesday.

Robert Halfon, the representative for Harlow, Essex, highlighted the salaries and bonuses being received by industry top brass, and called for the Chancellor to consider a windfall tax on companies.

It comes ahead of a key vote later today on an amendment tabled by nature that could lead government to cream off some of the profits from oil and gas firms.

It is claimed that by doing so, Westminster would be able to ease the damaging impact of rising energy bills and inflation on households.

Addressing Rishi Sunak, Mr Halfon said: “Can I ask my Right Honourable friend, the oil companies are not passing the cuts to the pumps, they don’t reduce the…they take ages to reduce the price when the international oil price falls.

“The oil bosses are earning multi million pound salaries and getting multi million pound bonuses, they are in essence, in my view, the new oligarchs and I would urge him to consider a both a windfall tax on the oil companies which we can use to cut taxes for the lower paid or cut energy bills and also introduce a pump watch monitor to make sure there is fair competition.”

Mr Sunak thanked Mr Halfon for setting out measures taken by the government aimed at easing the cost-of-living crises but did not address his calls to tap into oil and gas takings.

But Stephen Flynn, SNP MP for Aberdeen South, described Mr Halfon’s comments as “incendiary” and unacceptable.

© Supplied by Stephen Flynn MP

He said: “In recent times we’ve had senior politicians refer to the oil and gas industry as the ‘hard right’, and now we have a top Tory talking of ‘Oligarchs’.

“Such incendiary comments are unnecessary at the best of times, but given the role that Oligarchs have played in propping up Putin they are just not acceptable.

“Tensions are clearly high around both the necessary transition to net zero, and introduction of a windfall tax, but these verbal attacks on an industry that supports the employment of tens of thousands of my constituents need to stop.”

For the majority of 2022 the spectre of a windfall tax has loomed large over the industry with North Sea companies reporting bumper profits, driven by high commodity prices.

At the same time, chief executives of some of world’s biggest oil firms have banked millions of pounds.

At a sector event in Aberdeen earlier today, energy chiefs called for stability amid fears government intervention could deter investment.

Labour have been among the most ardent supporters of a windfall tax, and MPs will vote later on whether or not to implement such a measure after the opposition put forward a motion.

Speaking in parliament, Ed Miliband, the Shadow Climate and Net Zero Secretary, said: “This house can make a difference tonight, and I say this to MPs directly. We have all heard from our own constituents what families are facing, this is an emergency for millions of people – a windfall tax could make a difference.

“Use this opportunity to tell the Chancellor to act. It is the right thing to do, it’s the fair thing to do, the case is unanswerable and if they do not, they will have to explain to constituents why they refused to support the help that would make a difference now.”