UK imposes 25% energy windfall tax to help households as bills surge

Britain announced a 25 per cent windfall tax on oil and gas producers’ profits on Thursday, alongside a 15 billion pound ($18.9 billion) package of support for households struggling to meet soaring energy bills.

The move, which will give each UK household a 400 pound disco­unt on their energy bill and more for lowest-income households, marks a change of heart for Prime Minister Boris Johnson’s government which had previously resisted windfall taxes, calling them a deterrent to investment.

It is the second emergency policy intervention to help with rising bills this year.

Facing intense political pressure to provide more support for billpayers coping