Government taps oil and gas profits to help pay for fresh £15bn energy bills support

Michael Holder
clock • 7 min read
Prime Minister Boris Johnson with Chancellor of the Exchequer Rishi Sunak. Picture by Andrew Parsons / No 10 Downing Street
Image:

Prime Minister Boris Johnson with Chancellor of the Exchequer Rishi Sunak. Picture by Andrew Parsons / No 10 Downing Street

U-turn will see oil and gas firms to help pay additional 25 per cent windfall tax on profits to help pay for fresh measures to support households with soaring energy bills

Rishi Sunak has announced a temporary levy on oil and gas company profits in order to help fund a fresh £15bn package of measures to support households facing soaring energy bills today, marking a major U-turn from the Chancellor's previous refusal to back a so-called ‘windfall tax'. Following record high oil and gas prices over the past year due to lingering Covid supply issues and Russia's war in Ukraine, the government has faced growing pressure to increase its previously announced package of support for households, and for fossil fuel firms currently enjoying multi-billion pound prof...

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