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UK’s Labour may propose windfall tax on oil industry

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London, Nov 21 (IANS) Britain’s opposition Labour Party’s general election manifesto is likely to include a windfall tax on oil industry, media reports said.

The latest move is part of Jeremy Corbyn’s plan to "transform" Britain into a green economy, BBC reported.

The manifesto, expected to be released later, will include "radical" environment polices, said party sources.

Labour’s manifesto is likely to lay a special emphasis on public transport, including restoration of axed bus routes.

Corbyn has promised to establish a £250bn Green Transformation Fund — to be paid for through borrowing — to fund 300,000 "green apprenticeships" and loans for electric cars.

In September, Labour’s conference passed a motion urging the party to commit to make the UK carbon neutral by 2030, matching the Green Party’s major election promise.

 

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