Speaking in Parliament on Thursday, Rishi Sunak announced he was Introducing a ‘Temporary targeted energy profits levy’ that will be charged on oil and gas companies on their ‘extraordinary profits’, which have come from ‘surging global commodity prices, driven in part by Russia’s war’.
The new grant will be partly funded by a 25 per cent tax on energy companies' profits.
The legislation will include a ‘sunset clause’ which means it that will be phased out when current high prices return to more normal levels.
The levy will raise about £5 billion of revenue, to help fund the government’s energy support package.
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