Prime Minister not planning to extend windfall tax to electricity generators

by | Jul 11, 2022

Share this article

Electricity generators will be spared from the government’s tax net, a spokesman for the Prime Minister said.
When asked whether the windfall tax on oil and gas producers’ profits would be expanded to include electricity generators, the spokesman told Reuters: “We would not seek to make any new policies or major fiscal decisions. So there’s no plans to do that.

“We will continue to evaluate the scale of the profits and consider appropriate steps but there’s no plans to introduce or extend that to that group.”

As of 1308 BST, shares of SSE were trading up by 3.22% to 1,748.0p on the back of the news, while those of Drax had shot up 8.44% to 713.0p.

Share this article

Related articles

UK inflation hits 40-year high of 10.1%

UK inflation hits 40-year high of 10.1%

Higher food prices helped push up inflation in September, official data showed on Wednesday, to a record 10.1%. According to the Office for National Statistics, the consumer price index rose by 10.1% in the 12 months to September, compared to August's rate of 9.9%....

Reports of delay to bond sale ‘inaccurate’ – BoE

Reports of delay to bond sale ‘inaccurate’ – BoE

The Bank of England appeared to deny reports on Tuesday that it wanted to delay selling billions of pounds of government bonds. The central bank acquired £838bn of gilts during its quantitative easing programme. It had intended to start selling them on 6 October, but...

Trending articles