UK Removes Windfall Tax On North Sea Companies To Help Find Energy Bills

Power & Energy

Kwasi Kwarteng, business secretary of the United Kingdom has effectively removed or ruled out a windfall tax on the North Sea Oil companies for the purpose of Funding the discounted energy bills but the government of the United Kingdom has also promised much greater investment in the solar energy panels along with the wind and nuclear energy for the purpose of decreasing the reliance of UK on Russian gas and oil.

The business secretary of UK has also offered a tax on the oil companies that are backed by the Labour party, as the one policy, which will definitely not find the favour with the UK ministers.

Kwasi Kawrteng said that, they now believe a windfall tax is going to be a tax on the jobs and it is also going to destroy investment and will also be adding it to the uncertainty in the oil markets, and it is also going to be a complete wrong message for sending to the investors.

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The business secretary said, such type of a move is going to be penalizing anyone with a pensions that has been invested in those companies, and it has also been a retro measure that does not understand what the business is all about.

The cap on the bills has occurred because of the increase by 693 pounds to an average of 1,971 pounds on 1st April 2022, along with the prices that are predicted to increase as high as 3,000 pounds at the upcoming increase of price cap in October 2022.

Sandy

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