Rishi Sunak announces £5bn windfall tax on energy firms to ease cost of living crisis

Rishi Sunak has succumbed to pressure to do more to tackle the cost of living crisis and announced a £5bn windfall tax on energy companies, calling it a 'temporary, targeted energy levy'.
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His statement was met with uproar from Labour MPs, who have repeatedly called for a windfall tax on energy firms. The chancellor said the oil and gas sector was making 'extraordinary profits' due to surging global commodity prices driven in part by Russia’s war. As a result, he said he was 'sympathetic' to the idea of taxing these profits fairly, but had found a sensible middle ground: a 'temporary, targeted energy profits levy' of 25%, but with 90% tax relief for firms that invest

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