Net zero energy home

The windfall tax announced by the chancellor will be "damaging" for the UK's net zero plans and energy security, the Confederation of British Industry (CBI) has said. Rain Newton-Smith, CBI chief economist, said the tax "sends the wrong signal to the whole sector at the wrong time", pointing to a "backdrop of rising business taxation". Chancellor Rishi Sunak said oil and gas firms will pay a 25% levy on profits , which will be phased out when energy prices return to normal - but companies will get 90% in tax relief for any profits they invest. The funding will be used to help families with soaring energy bills. Cost of living latest: Martin Lewis responds to Rishi Sunak announcement Oil and gas companies are being targeted because they have enjoyed bumper profits as a result of soaring energy prices. Advertisement But Ms Newton-Smith said the government needs to work with businesses on a "genuine" plan to increase investment and "get growth … [Read more...] about Windfall tax ‘damaging’ for net zero plans and energy security, businesses say

The Government has faced widespread calls to invest in insulating homes and shifting from fossil fuels to renewables to combat soaring energy prices. Rishi Sunak has been forced to unveil emergency measures to counter the cost-of-living crisis, including £400 off energy bills for millions of households, but was accused of having “missed the memo” on energy efficiency. Fuel poverty and green campaigners and politicians called on the Government to invest in home insulation, efficient electric heat pumps and renewables to cut the reliance on fossil fuels whose costs have soared. Many welcomed the new support for households – and the £5 billion windfall tax on oil and gas company profits also announced by the Chancellor – but said money should have gone into a widespread programme to make homes cosier and cheaper to run. Recommended What Rishi Sunak announced to tackle the cost of living crisis More Tory MPs withdraw support from PM over … [Read more...] about Insulate homes to curb soaring energy bills, Government is urged

By Daniel Thomas Published 3 hours ago comments Comments Share close Share page Copy link About sharing Every household in the UK is to get an energy bill discount of £400 this October as part of a package of new measures to tackle soaring prices. The poorest households will also get a payment of £650 to help with the cost of living, Chancellor Rishi Sunak said. It follows warnings that millions could be left struggling if energy prices rise again in October as expected. Mr Sunak said he had offered "significant support" for households who were facing "acute distress". The package of new measures, worth £15bn in total, will also offer more targeted help to pensioners and the disabled. The cost will be partly offset by 25% windfall tax on oil and gas firms' profits, which have soared in recent months. It comes a day after Sue Gray's critical report into … [Read more...] about Every household to get energy bill discounts of £400 this autumn

Published 2 hours ago Share close Share page Copy link About sharing A new 25% windfall tax on offshore oil and gas operators will "drive away" investors and cut UK energy production, an industry body has warned. Offshore Energies UK (OEUK) was reacting to the chancellor's announcement of a new Energy Profits Levy . Rishi Sunak said the oil and gas sector was "making extraordinary profits". But OEUK said the levy "undermined trust and created long-lasting uncertainty over future investment". Chancellor Rishi Sunak confirms U-turn on windfall tax How would a windfall tax on energy firms work? Every household to get energy bill discounts of £400 this autumn The government had previously opposed a windfall tax, which is expected to raise £5bn over the course of the next year to help tackle rising household bills. But on Thursday, Mr Sunak said his one-off levy … [Read more...] about Windfall tax will drive away North Sea investors, says industry body