Last month, the Labour Party leader announced the huge multi-billion pound spending splurge in the party’s manifesto ahead of Thursday’s crunch general election. Success for the opposition party would see Jeremy Corbyn launch a tax assault on Britons to desperately raise the massive sums. The Conservative Party has now upped the stakes as the battle lines are drawn ahead of this week’s vote, posting a tweet listing ‘Labour’s 12 taxes of Christmas’ in reference to the popular festive song.
They are listed as higher inheritance tax, marriage tax, higher petrol tax, stealth heating tax, pensions tax, small business tax, drivers tax, home tax, movers tax, gifts tax, income tax and holiday tax.
But Labour would impose a one-off £11billion tax on windfall profits against oil companies that would potentially force them to hike the price of fuel just to balance their books.
This could hit drivers at the petrol pumps, sending fuel prices soaring by as much as 16p per litre and forcing motorists to spend an extra £90 a year.
Labour officials believe the cost of the windfall would not be pushed onto consumers at the petrol pumps, insisting prices are determined by the global market.
The party said in its manifesto: “We will introduce a windfall tax on oil companies, so that the companies that knowingly damaged our climate will help cover the costs.
“The Conservatives allowed the proceeds of North Sea oil to be squandered on tax cuts for the richest and captured in profits for the few, instead of investing them in our future.
“A Labour government will ensure the big oil and gas corporations that profit from heating up our planet will shoulder the burden and pay their fair share through a Just Transition Tax.”
Mr Corbyn hopes the windfall tax would provide a support package for nearly 37,000 oil and gas workers, 126,000 people reliant on the and their communities as the nation transitions to a clean economy.
READ MORE: Election 2019 LIVE: McDonnell lets slip his secret plot with Treasury
Labour’s manifesto has pledged the country will become more reliant on cars, and has promised to axe traditional combustion vehicles.
Cars are the most popular form of transport in the UK, with 68 percent of Britons using them to travel to work
Sales of cars with combustion engines will be banned by 2030 with a promise to invest billions of pounds in electric car technology.
But critics have launched a savage attack against the windfall tax on oil companies, raging it is nothing more than a “blatant attack on drivers”.
Matthew Lesh, head of research at the Adam Smith Institute: told Express.co.uk: “Labour’s so-called windfall tax on oil companies is nothing more than a blatant attack on drivers. A tax on oil companies will inevitably be passed onto drivers in higher fuel prices.
“While we should ask drivers to pay their environmental and congestion costs, Labour’s arbitrary approach will hurt hardworking Brits dependent on cars.
“Labour’s warm words about reducing reliance on cars are in reality little more than a smokescreen for higher taxes on millions of drivers.
“Almost two-thirds of all trips in the UK are made by car. They are the only option for many people to commute to work, school, leisure activities, shopping and more. Less than one-in-ten trips are by public transport.