Rishi Sunak has caved in to pressure to impose a windfall tax on the soaring profits of oil and gas firms to fund a relief package for households struggling with rising bills.
The Tory chancellor introduced a “temporary targeted energy profits levy” that will mean low income households, pensioners, the disabled will get extra help with winter bills and all households will get a £400 energy bills grant.
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.
