sitting a tax regime based on how one company does in one year. we need one company does in one year. we need to one company does in one year. we need to have a regime that looks at the long term investment to the economy the long term investment to the economy and tries to build what is the best economy and tries to build what is the best thing for the longer term. windfall the best thing for the longer term. windfall taxes are entirely based on whether or not we think as a society that a whether or not we think as a society that a particular company has gone too well that a particular company has gone too well in that a particular company has gone too well in a particular year, and i think too well in a particular year, and i think that s too well in a particular year, and i think that s incredibly wrong because think that s incredibly wrong because what s the long term alternative? does that mean we will start subsidising companies when they do start subsidising com
years. inflation in the uk has jumped to 9% in april, up from 7% in march with around three quarters of the latest hike coming from higher electricity and gas bills. labour has called for an emergency budget to help people struggling with those energy costs. the prime minister and the chancellor are both under intense pressure to help people cope. whilst mrjohnson promised to look at all the measures needed the chancellor warned that he could not protect people completely from what he called global challenges. our economics editor has the report. when prices rise this fast, it hits everyone, its effects seen in every street, office and household in the country, including here in lancashire. lowri recently ran her own business. now, after the pandemic, she finds money running out as bills get more expensive and even essential car journeys become too pricey. what s worrying me at the moment
energy, millions of family across the uk are being driven into absolute despair yet unable to feed their families. absolute despair yet unable to feed theirfamilies. and, on the other hand, we have oil and gas companies that are making record profits. of the back of exacta the those same energy prices spiking. so the government is absolutely obliged, in this moment, to use everything at its disposal to help address the really acute suffering that people are undergoing and by taking some of that pain out of their energy bills. the second thing to yes, because we are experiencing these close to record gas prices, oil and gas companies are making profits that are really exceptional at the moment but the truth of the matter is that the uk government has created an unbelievably generous tax environment for the oil and gas industry in the uk, four years, that has meant that it is the most profitable country in the world for