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.

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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