Apr 29, 2022
Fresh demands for UK windfall tax on energy companies
Opposition parties on Friday stepped up their calls for the government to impose a windfall tax on leading energy companies, as BP and Shell prepared to unveil what are expected to be big increases in their profits. Chancellor Rishi Sunak on Wednesday for the first time said he would consider a windfall tax on the industry if it failed to ramp up investment in new energy projects, having previously rejected the case for a levy. Shadow energy secretary Ed Miliband described Kwarteng's demands as "Low-grade political theatrics" which would not help families grappling with soaring energy bills. Miliband said Sunak was "Running out of excuses" to impose a windfall tax on oil and gas companies. Until this week, Sunak has repeatedly rejected the case for a windfall tax on the oil and gas industry because it would deter new investment by companies.
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