'Windfalls Of War': Ed Miliband's Outspoken Attack On British Gas Bumper Profits

The firm raked in £969m in the first half of this year.
British Gas benefited from the rise in the energy price cap.
British Gas benefited from the rise in the energy price cap.
John Keeble via Getty Images

Labour has accused British Gas of benefiting from the “windfalls of war” after the company recorded bumper profits.

The firm made £969 million in the first half of 2023 after the energy price cap was increased.

Centrica, British Gas’s owner, reported underlying operating profits of £2.1 billion for the first six months of the year, up from £1.3bn over the same period last year.

Shadow climate change secretary Ed Miliband said energy firms were benefiting from the spike in the wholesale price of gas following Russia’s invasion of Ukraine.

He said Labour would bring in a “proper windfall tax” and use the cash raised to tackle the cost of living crisis.

“These figures demonstrate the continuing scandal of the Tory failure to act on the windfalls of war being pocketed by the oil and gas companies,” Miliband said.

“Instead of asking energy giants to be nice, as he did yesterday, Jeremy Hunt should be fixing the gaping loopholes in the windfall tax on oil and gas profits.

“Labour would act to close loopholes and bring in a proper windfall tax on oil and gas giants to help tackle the cost of living crisis, alongside our plan to make Britain a clean energy superpower so we can lower bills for families and businesses.”

Lib Dem leader Ed Davey said: ” It beggars belief that after all these months this Conservative government is still allowing energy firms to rake in extraordinary profits while millions of families struggle.

“People are fed up with excuses from the out of touch and failing government, who just do not seem to care.
“It’s time for a general election and a proper windfall tax to fund the support families desperately need.”
Meanwhile, Shell announced that its profits had fallen, although the company still made £3.9 billion between April and June.

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