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Live news: Peloton shares drop sharply after earnings miss

Tesco’s chair has supported a one-off tax on energy companies that would help mitigate the cost of living for consumers, as the UK government prepares to lay out its legislative agenda.

“There’s an overwhelming case for a windfall tax on profits from energy producers fed back to those most in need of help with energy prices,” John Allan told BBC Radio 4’s Today programme on Tuesday.

Allan, speaking in a personal capacity, said energy companies were “expecting it”.

“I doubt they would actually be much phased by it, and [the windfall tax] should be short term only,” he added.

His call for a windfall tax on oil and gas profits echoes statements from many UK politicians after energy groups, such as Centrica, Shell and BP, generated bumper earnings and prospects on the back of soaring prices.

Those in favour of such a tax have argued that the proceeds should be used to help people who are struggling with higher energy…

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