Ruth Cadbury MP has criticised the new Prime Minister after she refused to fund help for households through a windfall tax on oil, gas and power giants.

Liz Truss told MPs at her first Prime Minister's Questions today that there will be no windfall tax on excess profits.

The new prime minister also confirmed that increases in Corporation Tax will not go ahead, so saving Britain's biggest businesses £17 billion a year.

Labour has argued for a freeze on energy bills which would be part-funded by a windfall tax on oil and gas companies, such as BP and Shell, and electricity generators, such as Centrica.

The PM is due to announce her own plan for help on bills tomorrow. She has indicated that this will be funded either through borrowing, to be paid back by taxpayers, or a levy on bills, which would be put at the door of customers.

It is reported that the Treasury has calculated that oil and gas companies, along with power generators, are set to make £170 billion in excess profit over two years.

These are profits that are purely driven by the impact of Putin's invasion of Ukraine on wholesale energy prices and supplies.

Excess profits are defined by the Treasury as the difference between the profits energy producers can now expect, versus the figure expected based on the outlook for before the invasion.

Liz Truss told the Commons: "I will make sure that in our energy plan we will help to support businesses and people with the immediate price crisis, as well as making sure there are long-term supplies available.

"I understand that people across our country are struggling with the cost of living and they are struggling with their energy bills.

"That is why I, as Prime Minister, will take immediate action to help people with the cost of their energy bills and I will be making an announcement to this House on that tomorrow and giving people certainty to make sure that they are able to get through this winter and be able to have the energy supplies and be able to afford it."

In response to Labour leader Sir Keir Starmer, she said: "I am against a windfall tax, I believe it is the wrong thing to be putting companies off investing in the United Kingdom just when we need to be growing the economy."

Following PMQs, the Brentford MP, Ruth Cadbury, said: "At PMQs today Liz Truss says she is against a windfall tax on the oil and gas giants who've made £170 billion in excess profits. 

"Why is the Prime Minister's first priority giving Shell and Amazon a tax cut?"