Rishi Sunak ‘plans windfall tax hike to raise £40bn from energy profits’

Move follows huge profit declarations from oil and gas firms

Rishi Sunak and Jeremy Hunt are preparing to raise the windfall tax on oil and gas company profits to generate an additional £40bn for Treasury over five years, according to reports.

The prime minister and chancellor are scrambling to find ways to plug a potential £50bn-a-year black hole in the public purse before Mr Hunt’s 17 November autumn statement.

With energy firms declaring huge profits for the last quarter – BP doubled to more than £7.1bn, Shell more than doubled to £8.2bn – pressure has been mounting for an enhanced windfall tax to help fill the Treasury coffers.