![]() ![]() Labour is pressing for the move, and last week Chancellor Rishi Sunak said he could 'look again' at a new levy as a way to help bring prices down.īut Business Secretary Kwasi Kwarteng said a new tax would be a 'disincentive' to investment. Mr Kwarteng did not rule out the move being considered by the Government as a measure to alleviate the cost-of-living crisis. But he told Sky's Sophy Ridge on Sunday: 'I've never been a supporter of windfall taxes - I've been very clear about that publicly. I think they discourage investment.'Īnd he said on the BBC's Sunday Morning show that 'it doesn't make much sense to me to then hit them (energy firms) with a windfall tax which is arbitrary and unexpected'. 'I don't think that is the right way, but I would say that is not for me. That is for the Chancellor of the Exchequer,' he said. Mr Kwarteng was instead trying to pressure North Sea oil and gas firms to reinvest their profits so more drastic action is not required. He has written to the industry demanding a 'very clear plan' to spend profits on accelerating domestic production and clean energy before a meeting in the coming weeks. Mr Kwarteng told the sector that investing in home-grown energy production is essential to grow the British economy and 'crucially bring down consumer bills in the long term'.
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