UK hits oil and gas companies with 25pc windfall tax

London | Boris Johnson’s government said it would use a windfall profits tax on oil and gas companies to help raise funds for direct payments to households, totaling about £15 billion ($27 billion), to ease Britain’s cost-of-living crisis.

Rishi Sunak, the chancellor of the Exchequer, announced the measures on Thursday (Friday AEST) as the government has come under increasingly intense pressure to help households with rapidly rising inflation and energy bills.