This afternoon Rishi Sunak stood up in the House of Commons and promised to introduce a windfall tax on profits racked up by the energy giants. The Chancellor also announced a £15 billion package of support, including a £400 discount on energy bills for all and a £650 one-off payment to the poorest eight million households.
It will be paid for in part by the new windfall tax on North Sea oil company profits. This will help millions of people struggling with skyrocketing bills.
The new windfall tax will raise £5 billion this year. This is a big step forward, even if it’s only bringing in half the amount we wanted to see a windfall tax raise and there are problems with how it’s designed.
However it’s not over yet as the plan has to be voted through Parliament, probably in the autumn.
Hopefully there may be plenty of opportunities to push for a higher rate on energy giants as the windfall tax is debated in Westminster.
Its time to start pushing for energy giants to pay their share. This has to be part of broader efforts to support people in the long term with the cost of living scandal. Below is the Chancellors announcement today in Parliament outlining his Windfall Tax plan