Rishi Sunak has stepped up his warnings to Britain’s oil and gas industry that unless companies announce increased investment plans for the UK “soon” they face a potential windfall tax on their profits.
The UK chancellor is under pressure from his political opponents — and some prominent members of his own Conservative party — to impose a one-off levy on energy groups, which have seen profits soar thanks to the higher price of gas.
On Tuesday Labour used a debate on the recent Queen’s Speech to force a Commons vote on whether to impose a windfall tax — an opposition move designed to highlight the government’s reluctance to impose one. The vote was lost by 310 to 248.
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