A windfall tax on energy firms to help support people suffering the most with the cost of living crisis could be announced by the Government this week, it has been reported. It comes as Prime Minister Boris Johnson faces more damaging revelations from the Sue Gray report into partygate due to be published today (Wednesday).
Chancellor Rishi Sunak is widely reported to be meeting with Prime Minister Boris Johnson on Wednesday to “sign off” on a “multibillion-pound” plan, with Thursday being the suggested date for an announcement. Mr Sunak is reported to have come to the conclusion that it is justified to impose a one-off windfall tax on oil and gas companies, the Telegraph reports, as some have seen profits double.
The paper reports that the tax could be linked to the amount of investment each company delivers. The Treasury is reportedly finalising plans for the tax, an idea which has been put forward by the Labour Party.
