100s of titles, one news app for just $10 a month.
Dive Deeper:
Windfall tax for gas and oil giants ‘back on the table’ to help ease cost of living crisis
Chancellor said to be considering plans for windfall tax on gas and oil giants
Boris Johnson refuses to rule out windfall tax on energy giants
The Prime Minister is coming under growing pressure to impose a windfall tax to pay for measures to ease the…
A windfall tax on North Sea oil and gas: what have ministers said so far?
Despite Labour’s idea being criticised as ‘disastrous’, Rishi Sunak has said nothing is off the table
Boris Johnson says windfall tax ‘not the right thing’ but refuses to rule out U-turn
The prime minister claimed ‘these kinds of taxes’ deterred investment, contrary to BP boss saying it would not
One subscription that gives you access to news from hundreds of sites
New cost of living help could take until AUGUST despite Boris Johnson's claims
Downing Street indicated any new announcement could have to wait until August - when Ofgem is expected to announce another…
Rishi Sunak: windfall tax an option if oil firms fail to invest in UK
Chancellor says he is ‘pragmatic’ about introducing a levy on energy companies to ease cost of living crisis
Get all your news in one place
Latest Politics news:
FinTech and RegTech industry eager to work with new government
Despite an election campaign with no explicit commitments to FinTech or RegTech policies, industry bodies say they are ready and…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
We're about to have Australia's most diverse parliament yet – but there's still a long way to go
The message from Saturday’s election result was clear: Australians want a political reset. And not just about issues such as…
Attention managers: if you expect First Nations' staff to do all your 'Indigenous stuff', this isn't support – it's racism
Workplaces can be hostile, overwhelming and unwelcoming places for many First Nations Peoples. My research has explored how this is…
Top official at Foreign Office called upon to resign over Kabul withdrawal
Sir Philip Barton castigated along with Dominic Raab in damning report by MPs into UK’s chaotic exit
‘One-sided’: unionists react with scorn as US delegation arrives in Ireland
Cross-party group aiming to shore up support for NI protocol is welcomed in Dublin, but DUP meeting expected to be…
From analysis to good news, read the world’s best news in one place
Robodebt Royal Commission to be launched this year
A Royal Commission into the robodebt scandal will be launched by the end of the year following Labor’s election win…
Facebook should be designated under media bargaining code: Sims
The architect of Australia’s Big Tech media bargaining code says that Facebook “likely” should be designated under it due to…

Boris Johnson hints at windfall tax on oil and gas giants - 'we'll have to look at it'

By Lizzy Buchan

Boris Johnson has refused to rule out slapping a windfall tax on the profits of oil and gas giants as pressure mounts on the Government to ease the cost of living crisis.

The Prime Minister said he didn't like this type of levy but said "we'll have to look at it" - in the strongest signal yet that the idea is being considered.

Brits are being clobbered by rising energy bills while firms rake in huge earnings - with senior Tory MP Robert Halfon describing oil bosses as the "new oligarchs".

Rishi Sunak has reportedly told officials to examine how a potential windfall tax would work after being concerned by sluggish investment from energy giants in infrastructure despite huge profits.

It comes after BP chief executive Bernard Looney said his firm's investment plans would not be affected by a windfall tax.

One insider told the Mail that a one-off levy was a "no-brainer if the chief executives themselves are saying they have no problem with it".

Boris Johnson and Rishi Sunak are under pressure to slap a windfall tax on oil and gas giants (NurPhoto via Getty Images)

A Government source told the Mirror that ministers still believe a windfall tax would deter investment.

But the source said they "want to see more ambitious investment plans brought forward by the industry and faster".

In an interview with LBC, the Prime Minister said he still does not like such taxes because of the impact on investment - but it is something that the Government would have to consider.

Asked about the BP chiefs comments, Mr Johnson said: "Well, you know, then we'll have to look at it."

But he added: "The disadvantage with those sorts of taxes is that they deter investment in the very things that they need to be investing in - new technology, in new energy supply.

"I don't like them. I didn't think they're the right thing. I don't think they're the right way forward. I want those companies to make big, big investments."

The PM's official spokesman said: "We do not think this is the right approach."

But he added: “We do keep options on the table, rightly so. That’s the right approach given the challenges we’re seeing.”

Senior Tory backbencher Robert Halfon branded oil company bosses "the new oligarchs" as he broke ranks to back a windfall tax.

Calls are mounting for a windfall tax on the profits of North Sea oil and gas giants (Alamy Stock Photo)

He told the Today programme: "I do think that the Government should consider properly a windfall tax.

"Oil companies or oil bosses are the new oligarchs - one of them earning a salary over £76 million, getting a £4.5 million bonus."

The Harlow MP pointed to "the way oil companies are ripping off motorists at the pump by not reducing the price quickly when the oil price falls internationally".

Arguing that windfall taxes were not "un-Conservative", Mr Halfon argued: "Margaret Thatcher did it, David Cameron has done it, Conservative governments have imposed windfall tax on oil companies in times of need."

The PM has taken his top team for an away day in Stoke-on-Trent to try to bang the drum for the Queen's Speech.

Mr Johnson ordered ministers to dream up ideas to ease the cost-of-living nightmare facing Brits, but he continued to resist pressure to hold an emergency budget.

Downing Street was forced to deny that ministers are preparing an emergency budget to deal with the cost-of-living crisis after the Prime Minister suggested in the Queen's Speech debate on Tuesday that there would be more help in the days to come.

Mr Johnson indicated there would be additional support over the summer rather than waiting for the Budget in the autumn to act.

"There is more coming down the track. July and so on," he said.

"But what we will do is use all the ingenuity and compassion that we have and the fiscal firepower that we have as a result of the strong economic growth we had coming out of the pandemic.

"Our growth will return very strongly in the next couple of years."

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Windfall tax for gas and oil giants ‘back on the table’ to help ease cost of living crisis
Chancellor said to be considering plans for windfall tax on gas and oil giants
Boris Johnson refuses to rule out windfall tax on energy giants
The Prime Minister is coming under growing pressure to impose a windfall tax to pay for measures to ease the…
A windfall tax on North Sea oil and gas: what have ministers said so far?
Despite Labour’s idea being criticised as ‘disastrous’, Rishi Sunak has said nothing is off the table
Boris Johnson says windfall tax ‘not the right thing’ but refuses to rule out U-turn
The prime minister claimed ‘these kinds of taxes’ deterred investment, contrary to BP boss saying it would not
One subscription that gives you access to news from hundreds of sites
New cost of living help could take until AUGUST despite Boris Johnson's claims
Downing Street indicated any new announcement could have to wait until August - when Ofgem is expected to announce another…
Rishi Sunak: windfall tax an option if oil firms fail to invest in UK
Chancellor says he is ‘pragmatic’ about introducing a levy on energy companies to ease cost of living crisis
Get all your news in one place