A British energy industry body has urged the candidates in the running to become prime minister to scrap the windfall tax on profits as soon as possible. The temporary 25 percent profit levy on oil and gas giants was announced in May by then-chancellor Rishi Sunak to fund a relief package for households struggling with…
UK PM Candidates Urged to Scrap Windfall Tax on Energy Profits as Soon as Possible
August 12, 2022
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UK Slaps Windfall Tax on Energy Firms; Russia Preps to Seize Exiting Western Firms | NTD Business
Russia preparing a new law to seize properties of Western firms. It’ll raise the stakes for global firms that are trying to leave the country over Moscow’s invasion of Ukraine. The UK slapping a windfall tax on energy companies as they make record profits while energy prices are through the roof. Twitter will pay millions of dollars…
UK Imposes Windfall Tax on Energy Firms to Fund £15 Billion Relief Package for Households
The UK government has announced a temporary windfall tax on oil and gas giants to fund a relief package for households struggling with rising bills. Chancellor of the Exchequer Rishi Sunak has previously resisted opposition parties’ calls for a windfall tax, warning about the impact it would have on future investment. But he has now…
UK May Levy Windfall Tax If Energy Firms Fail to Reinvest ‘Enormous Profits’: Minister
The UK government may levy a windfall tax on energy firms if they fail to reinvest their “enormous profits” in domestic energy supplies, a minister has suggested. The main opposition Labour Party has been calling on the government to bring in a windfall tax on oil and gas producer profits, which would add another 10…
UK Ministers Voice Opposition to Windfall Tax
Two Cabinet ministers on Saturday voiced their opposition to imposing a one-off windfall tax on the profit of oil and gas companies to help address the cost-of-living crisis. Ministers have so far resisted the push from Labour and the Liberal Democrats to introduce the levy, which would add another 10 percent to the corporation tax…
Prescription Charges Frozen in England as Ministers Grapple With Cost-of-Living Crisis
NHS prescription charges in England are to be frozen in the latest move by ministers to ease the cost-of-living crisis. Health Secretary Sajid Javid said the charges—which normally rise in line with inflation—will be held this year to “put money back in people’s pockets.” The Department of Health and Social Care (DHSC) said the freeze,…
UK Government Resists Renewed Push for Windfall Tax as Oil Companies Announce Unexpected Profits
The UK government has resisted a new wave of calls to impose more tax on oil and gas companies to help deal with the cost of living crisis. Without ruling out the idea, a Treasury spokesperson said on Thursday that it could deter “billions worth of investment,” and compromise the UK’s energy and job security….
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