Govt Announces Windfall Tax on Oil and Gas Profits as Cost of Living Payments for Millions Spiral
Millions of people across the UK will receive increased cost of living payments as the government announced a new windfall tax on oil and gas profits. The money raised by the tax will be used to fund increased payments for those who are struggling to make ends meet. Chancellor Rishi Sunak made the announcement in his first budget speech, saying that the government was committed to supporting those who were facing difficult times.
Tax will help to offset impact of rising energy prices
The windfall tax is expected to raise £ billions for the government and will be levied on oil and gas companies. It is thought that this will help to offset some of the impact of rising energy prices on household budgets. The move has been welcomed by many, who say that it will make a real difference to those who are struggling to keep up with the cost of living.
Is the government doing enough to tackle high energy prices?
However, some have criticised the government for not doing more to tackle the root causes of high energy prices. What do you think of the government's announcement? Let us know in the comments below. Thanks for reading!
Do you think this windfall tax is a good idea? Will it help to ease the burden on struggling households? Let us know your thoughts in the comments below. Thanks for reading!