Rishi Sunak hints at U-turn over windfall tax on energy firms

Rishi Sunak hints at a Tory U-turn over windfall tax on oil and gas firmsmonths after dismissing Labour calls for levy to raise billions as Britons struggle with soaring bills

  • The Chancellor said he could ‘look againat punitive levy, in Mumsnet interview
  • Faces pressure to act on the current cost-of-living crisis affecting families
  • Dominic Raab used a media interview yesterday to label such a tax ‘disastrous
  • リシ・スナック fired a warning shot at energy firms reaping huge profits while families struggle with bills, saying he could look at a windfall tax despite previously ruling it out.

    The Chancellor signalled he would ‘look againat the punitive levy as he faces pressure to act on the current cost-of-living crisis, which includes huge increases in the cost of heating and powering homes.

    But his comments in an interview with the Mumsnet website came just hours after the Prime Minister and Deputy Prime Minister had both dismissed such a tax.

    ボリス・ジョンソン criticised Labour’s plans at Prime Minister’s Questions after ドミニク・ラーブ had used a media interview to label a tax ‘disastrous’.

    Demand is growing for energy firms to face a one-off tax after oil giant BP posted its highest annual profit in eight years in February, and announced more returns for shareholders while Shell boasted of ‘momentous£12billion profits.

    At the same time families have been feeling the pinch, amid rising bills, soaring inflation and tax rises.

    In comments released last night, Mr Sunak said that companies reaping large sums thanks to the increase in wholesale gas and oil prices needed to step up and reinvest to make the UK less reliant on foreign power.

    ‘If we don’t see that type of investment coming forward and if the companies are not going to make those investments in our country and in our energy security, then of course that’s (a windfall tax) something I would look at.

    He warned that ‘nothing is ever off the table in these things’.

    The Chancellor signalled he would 'look again' at the punitive levy as he faces pressure to act on the current cost-of-living crisis, which includes huge increases in the cost of heating and powering homes.

    The Chancellor signalled he would ‘look againat the punitive levy as he faces pressure to act on the current cost-of-living crisis, which includes huge increases in the cost of heating and powering homes.

    Demand is growing for energy firms to face a one-off tax after oil giant BP posted its highest annual profit in eight years in February, and announced more returns for shareholders while Shell boasted of ‘momentous£12billion profits.

    Boris Johnson criticised Labour's plans at Prime Minister's Questions after Dominic Raab had used a media interview to label a tax 'disastrous'.

    Boris Johnson criticised Labour’s plans at Prime Minister’s Questions after Dominic Raab had used a media interview to label a tax ‘disastrous’.








    Mr Raab used an appearance on Sky News yesterday to distance the Government from taking action against firms.

    ‘If you look at Labour’s policy, you asked about itof a windfall taxthat would damage investment in energy supplies we need and hike bills. It’s disastrous. It’s not serious,’ 彼は言った.

    ‘So what this shows is they’re coming up with frankly ill-thought through policies, but we have got a plan, a concerted plan, and I think that’s what voters want to see.

    Kwasi Kwarteng, the Business Secretary, last minth warned the plans would be ‘a tax on jobs, would harm investment and add to the uncertainty in oil markets’. He has said the move would be ‘completely the wrong message to send investors’.

    PMQで, Mr Johnson was branded an ‘ostrichwith his head in the sand over the cost-of-living crisis by Sir Keir Starmer.

    The Labour leader told the Commons: ‘Mr Speaker, he’s an ostrich, perfectly happy keeping his head in the sand. Working people are worried about paying their bills, they’re spending less and cutting backthat’s bad for business and bad for growth.

    ‘Working people are looking for help but this week millions will look at their payslip and see a tax rise with his fingerprints all over it.

    ‘Does he think his 15th tax rise has made things better or worse for working people?’

    ジョンソン氏は答えた: ‘What we’re doing for working people is not only lifting the living wage by a record amount, helping people on Universal Credit with a £1,000 tax cut, but also cutting national insurance contributions, lifting the threshold so that on average people pay £330 less.








    Quizzed yesterday by Mumsnet about how someone in his financial position can empathise with people struggling to make ends meet, Mr Sunak harked back to his grandparents who emigrated to the UK ‘with very little’.

    ‘Of course now I’m in a fortunate position but I didn’t start like that, that’s not how my family started,’ he told the website.

    But he provoked a fresh row after he argued it would be ‘sillyto offer families further help with soaring energy bills now.

    ‘We’ll see what happens with the price cap in the autumn, I know people are anxious about this and wondering if they’re going to go up even more,’ 彼は言った.

    ‘Depending on what happens to bills then, もちろん, if we need to act and provide support for people we will, I’ve always said that. But it would be silly to do that now.

    Tulip Siddiq, Labour’s shadow Economic Secretary to the Treasury, last night said: ‘How out of touch is this Chancellor?

    ‘Families are already feeling the cost of living crisis, hit by record rises in energy prices, record high petrol prices and staggeringly steep hikes in the cost of food and essentials.

    ‘With the Chancellor heaping them with the biggest tax burden in 70 years on top of that, people are paying more and getting less. It’s time to act.