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

Move follows huge profit declarations from oil and gas firms

Liam James
Thursday 03 November 2022 00:51 GMT
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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.

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