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Evening Standard
Evening Standard
World
Miriam Burrell

EU plans £120bn windfall tax on energy firms to curb soaring prices

European Commission President Von der Leyen

(Picture: REUTERS)

The European Union (EU) has unveiled a plan to impose a windfall tax on profits made by oil and gas companies in a bid to tackle the energy crisis.

Energy companies have come into unexpected profits - some five times their usual - because of the effects of Russia’s invasion of Ukraine and climate change.

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