UK Imposes Windfall Tax on Energy Firms to Fund £15 Billion Relief Package for Households

British Chancellor of the Exchequer Rishi Sunak speaks at the House of Commons in London on March 23, 2022. UK Parliament/Jessica Taylor/Handout via Reuters

The UK government has announced a temporary windfall tax on oil and gas giants to fund a relief package for households struggling with rising bills.

Chancellor of the Exchequer Rishi Sunak has previously resisted opposition parties’ calls for a windfall tax, warning about the impact it would have on future investment.