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Daily Climate Show: Oil firms to pay surprise 25% windfall tax
Posted
May 26, 2022
Views
8,624
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85
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May 26, 2022
8,624
85
58
1.66%
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10:30Now PlayingChancellor Rishi Sunak announces a surprise 25% tax on oil and gas profits, but there are fears that this could impact overall investment in green energy
The measure will be phased out when energy prices return to normal, but companies will get 90% in tax relief for any profits that they invest.
Labour criticised the government for taking a long time to introduce the measure, saying that they had proposed more support when the cost of living crisis began.
It's hoped that the funding will be used to help families with soaring energy bills.
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