Ministers had previously dismissed such a levy - backed by Labour - because it could harm jobs and investment.īut Mr Sunak said it would be on the table unless firms were contributing to improving the UK's energy security. The Chancellor signalled he would 'look again' at a windfall tax as he faces pressure to act on the current cost-of-living crisis. The talks come after Rishi Sunak fired a warning shot at firms reaping huge benefits from soaring oil and gas prices while families struggle with bills. It is understood Mr Kwarteng will tell executives they need to commit money to the North Sea and offshore wind projects in return for government support for renewables and drilling projects. The Business Secretary will deliver a stark message to the companies during an online meeting, as they prepare to announce bumper profits amid the war in Ukraine. Kwasi Kwarteng is urging Shell and BP to invest in the UK as a 'quid pro quo' after Rishi Sunak threatened a windfall tax on their massive profits.
