In a screeching U-turn, Rishi Sunak has agreed to impose a windfall tax on the soaring profits of oil and gas firms to fund a cost of living relief package.
Labour said the Chancellor had been “dragged kicking and screaming” into backing its call for a levy on fossil fuel giants which have benefited from high global prices.
Mr Sunak said the 25% energy levy would raise around £5billion that will be used to send a one off payment of £650 to more than eight million households.
