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UK Prepares Possible Windfall Tax on Power Generators, FT Says

  • Plans said to target over 10 billion pounds in excess profits
  • UK urged to do more to help people amid soaring inflation
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Windfall Taxes Will Raise Price of Crude, Analyst Sen Says

Chancellor of the Exchequer Rishi Sunak has ordered officials to prepare plans for a possible windfall tax on power generators as well as oil and gas firms, according to the Financial Times newspaper, citing unidentified government sources.

The plans will target more than 10 billion pounds ($12.6 billion) of excess profits for electricity generators, including wind farm operators, although no decision on whether to impose the levy has been made yet, the FT said.