Jeremy Hunt is preparing a raid on electricity generators with a new tax on their “excess returns” as he tries to find money to pay for an inflation-linked rise in benefits and pensions while extending help for households with energy bills. The chancellor will also use Thursday’s Autumn Statement to lift the existing windfall tax on oil and gas companies — known as the “energy profits levy” — from 25 per cent to 35 per cent, while extending it for another two years until 2028. The government had been considering a “revenue cap” on electricity generators in line with a similar move by the European Union. Read More...
Jeremy Hunt is preparing a raid on electricity generators with a new tax on their “excess returns” as he tries to find money to pay for an inflation-linked rise in benefits and pensions while extending help for households with energy bills. The chancellor will also use Thursday’s Autumn Statement to lift the existing windfall tax on oil and gas companies — known as the “energy profits levy” — from 25 per cent to 35 per cent, while extending it for another two years until 2028. The government had been considering a “revenue cap” on electricity generators in line with a similar move by the European Union.
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