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Rising energy prices will give Treasury £3.1bn windfall, says Labour
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theguardian.comRising energy prices will hand Rishi Sunak a “windfall” of £3.1bn since October’s budget, a Labour analysis has claimed, which the party has urged the chancellor to spend on cutting household bills.
Labour said the receipts would cover the projected £2.4bn cost of removing VAT from gas and electricity bills over the winter months .
The figures come from House of Commons library research, commissioned by Labour, which projects £3.1bn extra in VAT receipts in 2021-22, making a total of £135bn.
Labour’s figures were reached using the Office for Budget Responsibility’s (OBR) projections that 42.2% of VAT receipts will come from November to March. This suggests that, with £78bn raised to October 2021, a little under £57bn may be expected over the
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