McDonnell’s Oil Tax U-Turn

Just last week McDonnell denied that Labour was planning a windfall tax on oil companies. He answered a question from the telegraph, channeling Thatcher “No, no”…

“Earlier this week and over the weekend there were reports that Labour was planning a windfall tax on oil companies. Is this true and if so, please could you set out how your proposals would work?”

“On the windfall tax on oil companies. No. No.”

Today both the BBC and FT are reporting that Labour are pressing ahead with the tax, despite McDonnell’s earlier denial. Impressive to U-Turn before the manifesto has even launched… no doubt the BBC / Channel 4 factcheckers will be all over this…


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