UK PM Candidates Urged to Scrap Windfall Tax on Energy Profits as Soon as Possible

UK PM Candidates Urged to Scrap Windfall Tax on Energy Profits as Soon as Possible
Undated file photo showing jack-up rigs used by North Sea drillers. Steve Parsons/PA Media
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A British energy industry body has urged the candidates in the running to become prime minister to scrap the windfall tax on profits as soon as possible.

The temporary 25 percent profit levy on oil and gas giants was announced in May by then-chancellor Rishi Sunak to fund a relief package for households struggling with rising bills.