Boris Johnson refuses to rule out windfall tax on energy giants

Chancellor Rishi Sunak says he is ‘pragmatic’ about levy

Boris Johnson has refused to rule out a windfall tax on the profits of fossil fuel companies to help relieve some of the pressure on families during the cost of living crisis.

Chancellor Rishi Sunak has reportedly told Treasury officials to examine plans for a levy on the soaring profits of the oil and gas giants, putting the move “back on the table”.

It follows an admission by BP chief executive Bernard Looney, who said his firm’s investment plans would not be affected by a windfall tax.