Government taps oil and gas profits to help pay for fresh £15bn energy bills support package

Michael Holder
clock • 8 min read
Prime Minister Boris Johnson with Chancellor of the Exchequer Rishi Sunak. Picture by Andrew Parsons / No 10 Downing Street
Image:

Prime Minister Boris Johnson with Chancellor of the Exchequer Rishi Sunak. Picture by Andrew Parsons / No 10 Downing Street

U-turn will see oil and gas firms to help pay additional 25 per cent windfall tax on profits to help pay for fresh measures to support households with soaring energy bills

Rishi Sunak has today announced a temporary levy on oil and gas company profits in order to help fund a fresh £15bn package of measures to support households facing soaring energy bills, marking a major...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

Michael Holder
Author spotlight

Michael Holder

Editor

View profile
More from Michael Holder

COP30: Belém Summit gears up for fight over future of fossil fuels

ScottishPower Renewables repowers Scotland's first commercial wind farm

More on Politics

COP30: Belém Summit gears up for fight over future of fossil fuels
Politics

COP30: Belém Summit gears up for fight over future of fossil fuels

New initiative launches with aim to halve global food waste and slash methane emissions by 2030, as negotiating teams and lobbyists face off over plans to transition away from fossil fuels

Michael Holder
Michael Holder
clock 14 November 2025 • 9 min read
The Treasury is at risk of undermining one of its only growth stories
Politics

The Treasury is at risk of undermining one of its only growth stories

Reports heat pump grants are to be cut, and the way the proposed changes have been communicated, will dent confidence across the green economy

James Murray
James Murray
clock 14 November 2025 • 7 min read
With politics shifting, the case for climate action needs a new approach
Politics

With politics shifting, the case for climate action needs a new approach

Making the case for climate action - the economic case and not merely the environmental case - has never been more relevant and important than now, writes former UK Energy and Clean Growth Minister Chris Skidmore

Chris Skidmore
clock 14 November 2025 • 7 min read