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Rishi Sunak Announces Controversial Windfall Tax

After weeks of holding off, Chancellor of the Exchequer Rishi Sunak will introduce a controversial windfall tax on energy companies on Thursday as he lays out measures to tackle the spiralling cost of living crisis.

Posted: 26th May 2022 by Finance Monthly
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Government sources have not denied reports that Sunak will use his announcement later on Thursday to scrap the requirement to repay a previously announced £200 discount on energy bills for households, or that he could possibly increase the grant to as much as £400 per household. 

Additional measures, such as announcing an increase in the warm home discount scheme for low-income households, are also expected. The government may also bring forward a planned increase in benefits that had been expected next year.

Earlier in the month, Boris Johnson refused to rule out a windfall tax when questioned by Ferrari, though the prime minister said he did not like them. He added, “I didn’t think they’re the right thing. I don’t think they’re the right way forward. I want those companies to make big, big investments.”

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