The Tory government had come under fire to help families struggling with a cost of living crisis that has seen household fuel bills soar by hundreds of pounds.
| Britain announced a 25 per cent windfall tax on oil and gas producers’ profits on Thursday, alongside a £15 billion package of support for households struggling toThe announcement marks a change of heart for Prime Minister Boris Johnson’s government which had previously resisted windfall taxes and called them a deterrent to investment.
“We will introduce a temporary and targeted energy profits levy but we have built into the new levy a new investment allowance that means companies will have a new and significant incentive to reinvest their profits,” Sunak told parliament. He also said there would be a new Investment Allowance that would nearly double the tax relief available for firms on their investments.Financial markets had already largely anticipated the announcement but shares in Harbour Energy, the biggest UK North Sea oil and gas producer, turned negative after Sunak’s announcement, trading down 0.7 per cent and underperforming a broader index of European oil and gas firms.
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