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Sunak Announces Temporary Levy On Energy Company Profits

UK
markets-real-timePolitical RiskCommoditiesPolitical Risk BulletEnergy BulletsBulletMarketsFixed IncomeForeign ExchangePolitical Market News

Chancellor Rishi Sunak announces a windfall tax on energy company profits in major U-turn after Conservatives whipped to vote against measure last wek.

  • Sunak: "In Autumn we will bring forward tax cuts and reforms to encourage business investment"
  • Sunak: "We will introduce a temporary energy profits levy." Levy at 25%, will have a sunset clause to expire when energy prices return to normal. Companies will pay less if they invest more.
  • Sunak: "Around 8mn households to recieve one-off cost of living payment of GBP650"
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Chancellor Rishi Sunak announces a windfall tax on energy company profits in major U-turn after Conservatives whipped to vote against measure last wek.

  • Sunak: "In Autumn we will bring forward tax cuts and reforms to encourage business investment"
  • Sunak: "We will introduce a temporary energy profits levy." Levy at 25%, will have a sunset clause to expire when energy prices return to normal. Companies will pay less if they invest more.
  • Sunak: "Around 8mn households to recieve one-off cost of living payment of GBP650"