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UK won’t rule out windfall energy tax if investment isn’t forthcoming – minister

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The UK government is not ruling out an unexpected tax on oil and gas companies if companies don’t reinvest their profits into increasing capacity soon, Finance Minister Simon Clarke said on Monday.

The Times reported the government is developing plans for a temporary levy on oil and gas companies, something the opposition Labor Party is pushing for to ease a cost-of-living crisis.

“Of course, unless we see this investment materializing in a short period of time, the government cannot rule out an unexpected tax,” Clarke told Times Radio.

“We don’t want to have to do that, but unless we see the sector reinvesting those profits into something productive for the real economy, then all options are clearly on the table.”

Asked if he could confirm that one option being considered is a windfall tax, which would be more lenient for companies committing to invest, Mr Clarke said he could neither confirm nor deny specific proposals .

“We are obviously looking at what needs to be done to support households at an exceptionally difficult time, and a windfall tax is one of those options that any responsible government would need to consider.”

https://www.independent.ie/business/world/uk-not-ruling-out-energy-windfall-tax-if-investment-not-forthcoming-minister-41677917.html UK won’t rule out windfall energy tax if investment isn’t forthcoming – minister

Fry Electronics Team

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