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Jeremy Hunt’s Autumn Statement Increases Windfall Tax On Energy Firms

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Jeremy Hunt's Autumn Statement Increases Windfall Tax On Energy Firms


Jeremy Hunt has increased the windfall tax on oil and gas giants from 25% to 35% and expanded the levy to electricity generators.

It came as the chancellor £55bn in tax rises and spending cuts designed to repair the damage done by the government when Liz Truss was prime minister.

Hunt confirmed in his autumn statement on Thursday the tax on North Sea oil and gas operators will rise and be extended by two years until 2028.

Electricity generation companies will now be brought into the scheme and be hit with a windfall tax of 45%.

Speaking in the Commons, Hunt said the measures would raise £14bn for the Treasury next year to help fund support for people’s energy bills.

The windfall tax gets its name as it targets excess profits firms had not expected to make or were necessarily responsible for.

The move is a sharp change in direction from Truss’s administration which said it was “wrong” to make energy giants pay more tax.

This is a breaking news story and will be updated. Follow HuffPost UK on Twitter, Facebook and Instagram.





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