Chancellor Rishi Sunak said he was “pragmatic” about possibly imposing a windfall tax on the soaring profits of oil and gas giants as customers’ bills rise.
Prime Minister Boris Johnson has shown firm opposition to the raid but has conceded “we’ll have to look at it” after BP chief executive Bernard Looney said his investment plans would not be affected.
The Chancellor said in an interview with the BBC that although he is not “naturally attracted” to a windfall tax he would be “pragmatic about it”.
“What I do know is that these companies are making a significant amount of profit at the moment because of these very elevated prices.”Rishi Sunak
“What I want to see is significant investment back into the UK economy to support jobs, to support energy security, and I want to see that investment soon. If that doesn’t happen, then no options are off the table.”
The Prime Minister conceded he would look at the move when pressed about Mr Looney’s comments, but insisted they tend to “deter investment” in voicing his continued opposition.
“I don’t like them. I didn’t think they’re the right thing. I don’t think they’re the right way forward. I want those companies to make big, big investments,” he told LBC radio.