Chancellor of the Exchequer Rishi Sunak (PA)
(Picture: PA Wire)After weeks of insisting that a windfall tax on oil and gas companies would discourage them from investing in the UK, Rishi Sunak performed a U-turn on Thursday by announcing the government would impose a one-off levy on energy companies to pay for a £15bn emergency aid package.
The new Energy Profits Levy is a 25 per cent surcharge on the extraordinary profits the oil and gas sector is making and is expected to raise around £5bn over the next year.
