UK leader Truss rules out windfall tax for oil companies amid energy crisis

British Prime Minister Liz Truss on Wednesday ruled out a windfall tax on oil companies to pay for her plans to tackle the energy crisis.

Speaking during her first session of prime minister's questions in the House of Commons, Truss rebuffed opposition calls for a new windfall tax, even as she refrained from explaining how she would fund a plan meant to help the public pay energy bills skyrocketing because of Russia's invasion of Ukraine. The plan is expected to be delivered on Thursday.

"I am against a windfall tax," she said. "I believe it is the wrong thing to be putting companies off, investing in the United Kingdom just when we need to be growing the economy."

Truss, 47, was appointed prime minister by Queen Elizabeth II on Tuesday after winning an internal election to lead the governing Conservative Party.

In her first speech as prime minister on Tuesday, Truss said she would cut taxes to spur economic growth, bolster the NHS and deal hands on with the energy crisis, though she offered few details about how she would implement those policies. She is expected to unveil her energy plans on Thursday.

British news media reported that Truss plans to cap energy bills. The cost to taxpayers of that step could reach 100 billion pounds.

"We shouldn't be daunted by the challenges we face, Truss said in her first speech as prime minister. "As strong as the storm may be, I know the British people are stronger.