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Local MP demands emergency budget as figures reveal Brits could spend £10bn extra at the fuel pump

Stephen Morgan MP has called on government to act over the spiralling cost of living crisis with an emergency budget, as figures show the impact of soaring petrol prices on families in Portsmouth.

New analysis by Labour has revealed that families in Portsmouth and across the country will fork out an extra £10bn on petrol, compared to just this time last year.

The Chancellor made a fuel duty cut the centrepiece of his plan to tackle the cost-of-living, but that cut has been swallowed up by the soaring cost over the year.

The figures come as oil and gas producers, including Shell and BP, took in billions in soaring profits, with BP hailing “more money than we know what to do with”.

And this week working people in Portsmouth were hit with a tax hike in their pay packets this week after the Chancellor chose to raise national insurance. The Chancellor has raised taxes 15 times in total, costing families £1,060 this year.

Labour today reiterated its call on the government to bring forward an emergency budget to tackle the Tory cost of living crisis. This would prioritise five measures including with a one-off windfall tax on the soaring profits of oil and gas producers to help households through the crisis with up to £600 in support.

Labour would also ramp up home insulation, scrap the unfair National Insurance hike, and provide support for struggling businesses.

The Member of Parliament for Portsmouth South, Stephen Morgan, said:

“This is a savage extra cost for households right across our city. From Pompey pensioners, to hard working people already struggling to make ends meet.

“The Conservative government needs to set out an emergency budget to tackle its cost of living crisis – and support Labour’s call to put money back in people’s pockets.

“Labour’s plan would help households through this crisis with up to £600 cut off energy bills, funded by one-off windfall tax on the booming profits of oil and gas producers.

“We would turbocharge our transition to clean transport so never again are the British people left so exposed to unstable foreign oil.”