UK Government Resists Renewed Push for Windfall Tax as Oil Companies Announce Unexpected Profits

Chancellor of the Exchequer Rishi Sunak leaves 11 Downing Street as he heads to the House of Commons to deliver his Spring Statement in London on March 23, 2022. Aaron Chown/PA

The UK government has resisted a new wave of calls to impose more tax on oil and gas companies to help deal with the cost of living crisis.

Without ruling out the idea, a Treasury spokesperson said on Thursday that it could deter “billions worth of investment,” and compromise the UK’s energy and job security.