Rishi Sunak plans raid on electricity and wind farm profits within a month

By Paul Homewood

But here is the good news:

 

From The Times:

 

 

 image

The chancellor is preparing to impose a windfall tax on electricity firms within weeks despite provoking a furious backlash from business yesterday by launching a £5 billion raid on North Sea oil and gas producers.
Rishi Sunak yesterday abandoned months of opposition to a windfall tax by announcing a new 25 per cent levy on the “extraordinary profits” that oil and gas companies are making after prices surged, partly driven by Russia’s invasion of Ukraine.
Defending the U-turn to fund relief for consumers facing record energy bills, Sunak declared: “We all make mistakes and being able to change course is not a weakness, it is a strength.”
The chancellor threatened to extend the levy to power-plant owners, saying that “certain parts of the electricity-generation sector are also making extraordinary profits” and that he was “urgently evaluating” the scale of these profits, and the steps to take, following moves by other European countries to tax power companies.
The Times understands that Sunak intends to announce plans to tax electricity generators within the next month. “It’s called the energy profits levy for a reason,” a government source said. “It’s a broad tax, we want to move sooner rather than later.” The tax on electricity generators would raise in the region of “the low digit billions”.

The Times, 27 May 2022

via NOT A LOT OF PEOPLE KNOW THAT

https://ift.tt/DPHQVdZ

May 27, 2022 at 11:36AM

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s