UK will tax soaring BP profits from Iran war, says Ed Miliband

Ed Miliband, the UK's energy and net zero minister, has said his government will tax windfall profits for companies like BP to help with the cost of living crisis fuelled by the war on Iran.

Responding to news that BP's profits had more than doubled as the war on Iran spiked oil prices, Miliband initially said in a social media post that, "Profiting from a crisis is morally and economically wrong."

He then appeared to delete this message, rephrasing it as: "It would be completely wrong for a government to stand by and allow companies to make excess profits from a war."

"That's why we're taxing these windfall profits to help with the cost of living," Miliband said. 

Fossil fuel and arms companies have profited enormously from the war on Iran. Last week, it was reported that electricity generators in the UK would face higher windfall taxes if they didn't sign up to long-term fixed-price contracts.

The UK Treasury will increase a windfall tax on excess profits made by electricity generators in Britain from 45 percent to 55 percent when gas prices spike, the Guardian reported. The funds raised will help the government to support households during the energy crisis.