PM faces revolt over oil tax

The Prime Minister faces mounting pressure from Labour MPs to impose a windfall tax on oil and energy companies' profits. More than 80 Labour MPs, including several ministerial aides, have signed the petition calling for a one-off tax on the profits of those companies which have posted huge profits. Shell, BP and British Gas - known as 'the big three' - have all recently posted substantial profits.

The union-backed campaign wants the government to use the money to help poorer families who are struggling to pay their bills. However both the Chancellor Alistair Darling and the Business Secretary John Hutton oppose the move - arguing that it will damage investment and could increase household energy bills.