Overview
- Energy Secretary Ed Miliband said the government will tax excess profits from energy firms to fund cost‑of‑living support.
- BP reported first‑quarter profit of $3.2 billion, more than double a year earlier, as oil rose during the war on Iran.
- The Treasury plans to lift the windfall rate on electricity generators to 55% from 45% when gas prices spike, according to the Guardian.
- Miliband deleted a post calling BP's gains "morally and economically wrong" and reposted a message focused on stopping excess profits from war.
- Conservative figures and North Sea industry leaders argue a 78% headline rate through 2030 and a ban on new drilling deter investment and threaten jobs.