PoliticsRishi Sunak: Tax On Energy Companies And £400 for...

Rishi Sunak: Tax On Energy Companies And £400 for Households To Tackle Cost Of Living Crisis

-

- Advertisment -spot_img

The Chancellor said the government would provide ‘significant support for the British people’ as he set out a £15bn package of support

Chancellor Rishi Sunak has announced a windfall tax on energy companies and £15billion of extra support for households in a statement in the Commons on the cost of living crisis.

The Chancellor said the government would provide “significant support for the British people”, with inflation rocketing and energy bills set to rise by another £800 in the autumn for millions.

It comes after two Tory MPs called on Boris Johnson to quit as pressure grows on the prime minister following the publication of the damning Sue Gray partygate report.

John Baron, Tory MP for Basildon and Billericay said, on Thursday morning, he could no longer give the the prime minister “the benefit of the doubt”.

He said: “The most serious charge against the prime minister is that of knowingly misleading parliament. Given the scale of rule-breaking in No 10, I can not accept that the prime minister was unaware.”

‘Sensible middle ground’

Making a statement in the Commons, the chancellor said the inflation faced by the UK was causing “acute distress for the people of this country” and he knew people were worried.

But, Mr Sunak added: “This government will never stop trying to help people, to fix problems where we can, to do what is right – as we did during the pandemic.”

He confirmed the government would introduce a “temporary targeted energy profits levy” charged at a rate of 25% on profits of oil and gas companies to fund “significant support for the British people”.

However, he said his “sensible middle ground” plan included a new investment allowance, so “for every pound a company invests they will get back 90% in tax relief – the more the company invests the less tax they will pay”.

The chancellor added: “We should not be ideological about this, we should be pragmatic

“It is possible to both tax extraordinary profits fairly and incentivise investments.”

Mr Sunak said the tax would then be removed when energy prices returned to normal levels.

The Common Sense Network
The Common Sense Networkhttp://www.tcsnetwork.co.uk
Updates from The Common Sense Network Team. We were founded by 500+ ordinary people who saw a problem with the mainstream media and did something about it. This means we are not solely driven by profit margins or vested interests. We are a platform kept alive by our community who we exist to serve.

Latest news

‘They don’t care about our future’: 4 in 5 children don’t feel listened to by politicians

The biggest survey of children in England ever produced has revealed four in five children don’t feel listened to...

Tory donor ‘racism’ dispute is embarrassing for all involved

A Tory minister has said his party would take another £10m from a donor who allegedly made comments about...

Is David Cameron winning over critics?

One hundred days, thirty-six different visits to twenty-six different countries, and eight different multinational gatherings including the G20 and...

No Third-Way: How the two-party system is broken

British politics is to put it simply a mess. Even for those of us who might pride ourselves on...
- Advertisement -spot_imgspot_img

How does it end for Vladimir Putin?

By now, Russian President Vladimir Putin's interview with American conservative political commentator Tucker Carlson has reached over eighteen million...

Are Young Brits Becoming Less Democratic?

A recent study by the centre-right think tank Onward found that 65% of 18-35 year olds in the UK...

Must read

‘They don’t care about our future’: 4 in 5 children don’t feel listened to by politicians

The biggest survey of children in England ever produced...

Tory donor ‘racism’ dispute is embarrassing for all involved

A Tory minister has said his party would take...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you