Sunak planning £40bn windfall tax grab - reports

The Treasury is planning a wider £40bn windfall tax on energy companies over five years, according to reports.

Prime minister Rishi Sunak and Chancellor Jeremy Hunt plan to increase the tax rate to 30% from 25%, expand the scheme to include electricity generators, and extend the levy to 2028, the Times has reported. The existing scheme is set to end by 2026. Extending it in this way would potentially increase revenues by 50% to £40bn, though the volatility of gas prices makes this uncertain.   GFANZ: Multi-trillion dollar financial group unveils voluntary net zero guidelines BP's results on 1 November showed that business is booming at the oil and gas giant. Underlying operating profit was ...