Labour repeats calls for windfall tax Shadow Chancellor Rachel Reeves has repeated a call for a windfall tax on the profits being made by North Sea oil and gas companies, saying the levy being proposed by Labour would raise more money than first anticipated. She told Sky News’ Sophy Ridge On Sunday programme: “When I first said there should be a windfall tax back in January, we thought it would raise about £1.2bn but since then oil and gas prices have increased substantially and that surcharge, that windfall tax would now bring in about £3.7bn.” In a separate interview with the BBC, Ms Reeves said: “If we used that windfall tax on the big profits being made by North Sea oil and gas companies… to redirect it into keeping prices low, you would tackle the cost of living crisis.”