Jeremy Hunt increases energy windfall tax in budget to raise an extra £14bn

Labour originally called for the levy

Kate Devlin
Friday 18 November 2022 11:29 GMT
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Autumn Budget: Chancellor increases energy windfall tax to raise extra £14bn

The government will raise an extra £14bn next year by increasing the energy windfall tax, Jeremy Hunt has announced.

In his first autumn statement as chancellor he said the Energy Profits Levy, as the tax is known, will rise from 25% to 35%.

The move follows months of pressure from Labour for ministers to raise more money from oil and gas giants.

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