Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Government looking at proposals to expand windfall taxes

by November 1, 2022
November 1, 2022
Government looking at proposals to expand windfall taxes

Windfall taxes on energy companies could be raised to 30 per cent and extended as much as three years, as Downing Street to scrambles to fill a £40bn black hole in the UK’s finances.

The new Government is eager reassure markets after former Prime Minister Liz Truss’ botched mini-budget.

In this vein, Chancellor Jeremy Hunt is considering hiking the Energy Profits Levy up to five percentage point, according to The Times, which would potentially raise billions of pounds in extra revenue,

This would be on top of the £25bn it had been due to bring in over the next three years.

The tax could also be extended until 2028, extended beyond its current sunset clause of 2025.

Internal government predictions suggest oil and gas prices will not return to normal levels for the rest of the decade.

Officials have also been working on plans that would extend the levy beyond oil and gas companies to electricity generators.

Last month, the previous administration proposed revenue caps, known as the cost-plus-revenue limit – however. it’s future is now uncertain

While no final decisions have been taken on the November 17 budget, The Times understands Hunt and Prime Minister Rishi Sunak are receptive to the proposals.

Labour has also pushed for the windfall tax to be expanded, calling for the levy being backdated to January 2022 and for investment relief to be removed.

Last week Shell unveiled global profits of $9.5bn (£8.1bn) in the third quarter – with BP also set to unveil bumper profits today.

Chevron, Equinor, and Exxon Mobil have also revealed bumper profits in recent days.

Industry body Offshore Energies UK has warned against further destabilising the investment climate for new projects – which it regards as crucial to maintaining the North Sea’s role in producing oil and gas.

It has calculated that the Britain produces around 45 per cent of its gas domestically – and relies on Norway as its chief overseas partner, which meets 38 per cent the country’s gas needs.

The Climate Change Committee, Westminster’s independent advisory group, predicts half of the UK’s energy requirements between now and 2050 will still be met by oil and gas, and as much as 64 per cent of UK energy needs between 2022 and 2037.

Read more:
Government looking at proposals to expand windfall taxes

0
FacebookTwitterGoogle +Pinterest
previous post
John Fetterman’s Hometown Newspaper Endorses Dr. Oz In Pennsylvania Senate Race
next post
Nancy Pelosi Says Husband Faces “Long Recovery” from “Horrific Attack”

You may also like

Nikolay Karpenko: An Entrepreneurial Journey Fueled by Curiosity...

November 7, 2024

Tory peer Lord Young, ‘Mr Entrepreneur of Whitehall’...

December 10, 2022

Lloyds rack up £300m of likely scam Covid...

September 6, 2022

Importance of PDF Templates to Businesses

May 27, 2024

Ways to Add Protein to Your Vegan Meals

October 4, 2022

UK wage growth slows to two-year low amid...

July 18, 2024

Choosing the Right Coverage: Permanent Life Insurance vs...

December 30, 2024

Think tank urges Labour to consider inheritance and...

September 10, 2024

Two-thirds of British entrepreneurs back Trump’s ‘good for...

January 21, 2025

Average price for UK litre of petrol below...

January 11, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved