Energy

UK slaps windfall tax on oil and gas giants over rising energy bills

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Sunak had previously rejected the idea of a windfall tax, saying that while it sounded “superficially appealing” it would ultimately deter investment.

Leon Neal | Getty Images News | Getty Images

LONDON — U.K. Finance Minister Rishi Sunak has imposed a windfall tax on oil and gas majors as the government scrambles to alleviate the country’s worsening cost-of-living crisis.

The measures come a day after a deeply embarrassing investigation into lockdown parties at Downing Street and amid sustained pressure on the ruling Conservative government to do more as soaring inflation pushes up the price of everything from food to fuel.

“The oil and gas sector is making extraordinary profits not as…



Source cnbc.com

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