finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

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
Share this article

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.”

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram