With Labour’s latest announcement that they plan to freeze council tax for a year – funded by a “proper windfall tax on oil and gas giants” – it’s hard to keep up with all of the “fully-costed” spending commitments funded by the same policy. Guido has taken the liberty of collating them for co-conspirator’s benefit:

1. Labour would freeze energy bills at September 2022 level of £2,500 funded by a windfall tax on oil and gas companies. Revenue required from windfall tax: £13 billion.
2. Labour would freeze energy bills at April 2022 level of £1,971 funded by a windfall tax on oil and gas companies. Revenue required from windfall tax: £8 billion.
3. Labour would cut VAT on energy bills, funded by a windfall tax on oil and gas companies. Estimated revenue required from windfall tax: £3.8 billion.
4. Labour would create an energy-intensive industry fund of £1 billion funded by a windfall tax on oil and gas companies.
5. Labour would give small businesses vouchers to ‘go green’, funded by a windfall tax on oil and gas companies. Revenue required from windfall tax: £700 million.
6. Labour would extend small business rates relief, funded by a windfall tax on oil and gas companies. Estimated revenue required from windfall tax: £2 billion.
7. Labour would freeze council tax for one year, funded by a windfall tax on oil and gas companies. Revenue required from windfall tax: £2.7 billion.
8. Labour would end the penalty imposed on prepayment meter customers, funded by a windfall tax on oil and gas companies. Estimated revenue required from windfall tax: £200 million.
9. Labour would ‘supercharge home insulation’, funded by a windfall tax on oil and gas companies. Estimated revenue required from windfall tax: £5 billion.
10. Labour would freeze fuel duty, funded by a windfall tax on oil and gas companies. Revenue required from windfall tax: £4.8 billion.

Labour now claims a backdated windfall tax, at an astronomical 78%, would raise £10.4 billion – back in August they were saying it was worth £8 billion and in January they briefed it would raise £13 billion. Even the most charitable reading doesn’t scratch the surface of Guido’s estimate of £43 billion total spending.

Energy giants have already reduced investment with the government’s own initiative. Guido can only imagine the blowback Labour’s plans would have.