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A 25% windfall tax on oil and gas producers approved in July is expected to raise £5 billion in its first year. However, the existing surtax on excess fossil fuel profits contains loopholes allowing companies to drastically reduce their tax bill by investing more in oil and gas extraction, which the industry claims will boost supply.
The life-threatening crises of surging utility bills and unmitigated greenhouse gas pollution are both caused by fossil fuel dependence, the group noted. Consequently, these problems have lifesaving solutions that are straightforward and aligned.Commit to investing £6 billion [$6.8 billion] immediately to kickstart a street-by-street insulation program to keep bills low for good;
Properly tax oil and gas companies' excess profits so they pay their fair share, given how much money they've made off these crises.
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