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UK considering extension of windfall tax on energy companies – source

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LONDON — Britain’s government is considering a plan to extend windfall taxes on oil and gas companies’ profits, a government source said on Thursday, confirming a report in The Times which said the rate could be increased from 25% to 30% until 2028.

The source confirmed that the idea was being considered as a way to raise around 40 billion pounds over five years which would help repair the public finances. The Times said the scheme could be expanded to cover electricity generators.

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Prime Minister Rishi Sunak, in power for just over a week, and his finance minister Jeremy Hunt are trying to find ways to cut spending and increase revenue to plug a budget hole worsened by his predecessor Liz Truss’s debt-fueled economic plans.

Hunt is due to announced his budget plan on Nov. 17. (Reporting by Elizabeth Piper Editing by William Schomberg)



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