UK Can’t ‘Tax Its Way to Growth,’ Says Truss as She Rejects Labour’s Call for Windfall Tax

Prime Minister Liz Truss speaks during Prime Minister's Questions in the House of Commons, London, on Sept. 7, 2022. PA Media/House of Commons

New UK Prime Minister Liz Truss has rejected the idea of using a windfall tax on oil and gas giants to reduce energy bills for households, saying the country will not be able to “tax its way to growth.”

At her first Prime Minister’s Questions in the House of Commons on Wednesday, Truss pledged to set out a plan on the next day to save households and businesses from financial ruin as a result of soaring energy bills.