Windfall tax u-turn drags down London-listed energy titans May 27, 2022 London-listed energy companies that will be caught by Chancellor Rishi Sunak’s windfall tax tumbled during opening exchanges today. The capital’s premier FTSE 100 index was flat this morning at 7,564.82 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.52 per cent to 20,354.82 [...]
Explainer-in-brief: Guess who’s behind the dead cat strategic masterpiece? May 27, 2022 Yesterday Chancellor Rishi Sunak announced the introduction of a windfall tax – or as he called it, a “temporary targeted energy profits levy” – signalling a huge u-turn from his party’s previous stance on the policy. The announcement came the day after the Sue Gray report on Downing Street boozy parties, leading some to condemn [...]
Sunak: If you’re rich like me, give windfall tax of £400 to charity May 27, 2022 Rishi Sunak has said people should follow his lead and give the government’s £400 energy bill assistance to charity. The chancellor of the exchequer made his comments this morning after it was announced everyone will get a grant as part of a £21bn living support package. This comes after pressure on the government to impose [...]
Windfall tax is a big risk and Rishi Sunak’s policies may lead to recession, warns former minister May 27, 2022 FORMER Tory leadership candidate Sir John Redwood has warned that the Government’s windfall tax on energy firms is risky and its economic policies may be leading us towards a recession. He said he was opposed to a windfall tax on energy firms as it would affect future investment. “Why don’t I want a windfall tax on the energy [...]
Sunak denies using £21bn support package to deflect from No 10 lockdown parties May 27, 2022 Chancellor Rishi Sunak has rejected the notion that the timing of handing out £21bn worth of cost-of-living support to deflect from the controversy over Downing Street lockdown parties. The Chancellor bowed to demands for the UK Government to step in and help households to deal with ballooning energy bills and rising shop prices, which are [...]
The City View: Victoria Scholar on Sunak’s windfall tax and Cowgill exit May 26, 2022 Today Andy Silvester talks to Victoria Scholar, Head of Investment at Interactive Investor. They go through Rishi Sunak’s unveiling of a windfall tax today, the Fed’s plans to hike rates by 50 basis points in June and July, Elon Musk’s painfully slow acquisition of Twitter, and JD Sports founder and CEO Peter Cowgill’s shock departure [...]
Sunak’s care package prevents severe UK living standards shock May 26, 2022 Chancellor Rishi Sunak’s energy shock care package will prevent a severe erosion of living standards among the UK’s poorest households. That’s according to top wonks’ assessments of today’s round of measures designed to cushion the hit to households from soaring inflation and energy bills. Paul Johnson, director of the Institute for Fiscal Studies (IFS), said: [...]
Shell upholds pledge to invest in UK energy sector after Sunak unveils £5bn windfall tax May 26, 2022 Shell has reaffirmed its commitment to ramp up investment in the UK's energy sector despite the unveiling of a hefty new windfall tax.
Sunak hits energy firms with windfall tax to pay for £15bn cost of living package May 26, 2022 Rishi Sunak has hit British oil and gas firms with a 25 per cent windfall tax to pay for a £15bn package to help households with the cost of living crisis. The chancellor’s interventions this year will see every household in the UK given £550 to help pay their energy bills, but with the country’s [...]
Winter of discontent: Price cap to peak at over £2,800 next January May 26, 2022 Cornwall Insight has warned the price cap could rise to over £2,800 per year in January if the mechanism moves to a quarterly model.