Commenting on the windfall tax petition organised by the pressure group, Compass, and signed by 80 MPs, Chris Hannant, Acting Director of Policy, British Chambers of Commerce, said: "A windfall tax would be a knee jerk reaction that will only serve to create instability in the market and deter vital investment into the UK’s energy industry. Taxation should be stable and transparent.

The use of arbitrary taxes should never be encouraged – longer term they are create uncertainty and harm the economy."