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

Study: Europe's carbon border levy expected to 'barely touch US exporters'

Alternative protein: How fermentation could become a £10bn industry for the UK

More on Politics

UN Secretary-General: 'Clean is competitive, and climate action is imperative'
Politics

UN Secretary-General: 'Clean is competitive, and climate action is imperative'

Antonio Guterres hits back at President Trump's dismissal of climate science and clean tech, arguing 'science compels climate action' and 'clean energy is powering jobs, growth and sustainable development'

James Murray
James Murray
clock 24 September 2025 • 5 min read
The Lib Dems and Reform UK have plans for net zero - compare and contrast the response
Politics

The Lib Dems and Reform UK have plans for net zero - compare and contrast the response

Liberal Democrat complaints over media bias and the failure to take the threat posed by Reform's climate denialism seriously appear more justified than ever

James Murray
James Murray
clock 24 September 2025 • 4 min read
Lib Dems back plans to slash energy bills and boost climate action
Politics

Lib Dems back plans to slash energy bills and boost climate action

Party members back wide-ranging policy paper that promises to 'reduce the price of electricity relative to gas', beef up climate adaptation measures, and introduce a new social tariff

James Murray
James Murray
clock 23 September 2025 • 4 min read