Sunak to bring in windfall tax as Brits hit with 'extraordinary' bill increase Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Rishi Sunak has been pushed to introduce an emergency windfall tax against energy companies in order to ease the cost of living crisis across the UK. The Chancellor has so far withheld the introduction of additional tax measures against energy giants as he argues a windfall tax would stifle investment in domestic energy infrastructure. Economist and political theorist Michael Jacobs declared a windfall tax against energy companies was an ‘inevitable’ economic measure that the Conservative Government will be forced to instigate. Related … [Read more...] about ‘Inevitable’ Sunak to bring in windfall tax as Brits hit with ‘extraordinary’ daily costs
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Commons erupts in laughter at Blackford after he orders Boris to ‘sack Rishi and Treasury’
PMQs: Blackford calls for Boris Johnson to ‘sack the Treasury’ Sign up for FREE now and never miss the top politics stories again SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Ian Blackford fumed at Boris Johnson in his address to the House of Commons during Prime Minister’s Questions. The SNP Westminster Leader declared the Prime Minister should “sack” Rishi Sunak and the Treasury as the price of living in the UK continues to soar. MPs in the House of Commons erupted in laughter as the SNP representative raged at the Conservative handling of the cost of living crisis. Mr Blackford said: “Every day this Prime Minister remains out of touch, people remain out of pocket.” Related articles Why Protocol is unworkable … [Read more...] about Commons erupts in laughter at Blackford after he orders Boris to ‘sack Rishi and Treasury’
Rishi Sunak warns of tough few months as inflation soars
By Michael Race Published 3 hours ago Share close Share page Copy link About sharing Rishi Sunak is to warn that the next few months "will be tough" after it was revealed prices are rising at the fastest rate for 40 years. In a speech to businesses later, the chancellor will admit he "cannot pretend" it will be easy to cut the cost of living crunch for families. It comes as a think tank said the poorest were being hit hardest by steep rises in energy bills. Households are also dealing with record fuel costs and surging food prices. UK inflation jumped to 9% in the 12 months to April , up from 7% in March and the highest level it has reached since 1982. Inflation is the rate at which prices are rising. For example, if a bottle of milk costs £1 and that rises by 9p, then milk inflation is 9%. April's jump in inflation came as millions of people saw an unprecedented … [Read more...] about Rishi Sunak warns of tough few months as inflation soars
What is the windfall tax and how would it work?
Rishi Sunak has threatened energy companies with a windfall tax on their profits unless they increase investment in the UK's energy supply. Companies such as BP have come under increasing scrutiny amid surging costs. The London-listed company saw quarterly profits surge to the highest in more than a decade. It posted an underlying profit of $6.2bn, and said it would make $2.5bn of share buybacks in the second quarter of this year. Here, we look at the countries which have a similar tax and how one could work in the UK to help ease the cost-of-living crisis. What is a windfall tax? A windfall tax is a one-off raid on the profits of a company. In this case, the profits of energy companies have been boosted by the surge in oil and gas prices in the wake of Russia’s invasion of Ukraine . A year-long and one-off levy on their profits, which critics say are being lifted by factors they cannot control, could help pay to support squeezed households . Critics say that as … [Read more...] about What is the windfall tax and how would it work?
Have Your Say: Do the Tories care about the British people as inflation hits 9%?
Have Your Say: Do the Tories care as inflation hits 9%? Will you punish them at election? (Image: Getty) Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info You can add your voice to the tens of thousands of comments posted daily on Express.co.uk and have your say on the big issues facing the country today. The new inflation rate has saddled Britons already impacted by steep energy prices with a new burden, and the Government is yet to address the issue. The Queen's speech outlining its plans for the new Parliamentary year last week included little in terms of policy designed to blunt the impact of the UK's cost of living crisis. Rishi Sunak has only provided promises so far, … [Read more...] about Have Your Say: Do the Tories care about the British people as inflation hits 9%?
Energy bill prices explode 70% – Britons paying extra £60 per MONTH and it will get worse
Rishi Sunak says he ‘stands ready’ against inflation Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Hard working Britons have been hit by an explosion in costs in recent months due to the fall out from the war in Ukraine and the end of the Covid pandemic. Today the Office of National Statistics warned national inflation has risen to nine percent, the highest rate in 40 years. Related articles Reeves erupts she demands cost of living pressure relieved now UK energy firms face £50m fine for failing to meet heat pump targets However, new analysis indicates that the bottom 10 percent of the population in terms of income faced an inflation rate of … [Read more...] about Energy bill prices explode 70% – Britons paying extra £60 per MONTH and it will get worse
Government windfall tax U-turn inevitable, says Keir Starmer
Published 1 minute ago comments Comments Share close Share page Copy link About sharing Related Topics Prime Minister's Questions Boris Johnson has been urged by Labour to stop dithering and impose a one-off windfall tax on energy giants' profits to tackle the cost of living crisis. Sir Keir Starmer said that every day the PM delays his "inevitable U-turn" he was "choosing to let people struggle when they don't need to". The PM accused the Labour leader of having a "lust to raise taxes". But he did not rule out a windfall tax, telling MPs he would "look at all sensible measures" to help families. The pair clashed at Prime Minister's Questions as UK inflation rose to 9%, the highest rate for 40 years, on the back of soaring energy bills. Energy bills push price rises to 40-year high How would a windfall tax on energy firms work? Chancellor … [Read more...] about Government windfall tax U-turn inevitable, says Keir Starmer
Stop the ‘hokey cokey’ and back windfall tax, Keir Starmer tells Boris Johnson
UK inflation hits 40-year high - live updates I can't afford to be in my job, says constable who collared Patel Ministers warm to windfall tax after polling finds it ‘wildly popular’ EU offers UK NI Protocol olive branch... but threatens trade war Russia-Ukraine latest: Mediators attempt to save Azovstal fighters S ir Keir Starmer has accused Boris Johnson of performing the "hokey cokey" over imposing a windfall tax on oil and gas giants to help tackle the cost of living crisis. The Labour leader said "one minute they are ruling it in, the next they are ruling it out" as he urged the Prime Minister to back the levy. Sir Keir also predicted that the Government will eventually be forced into rolling out the policy as he said "every single day he [Mr Johnson] delays his inevitable U-turn - he is going to do it - he is choosing to let people struggle when they don't need to". The Prime Minister repeated the Government's position that it does not … [Read more...] about Stop the ‘hokey cokey’ and back windfall tax, Keir Starmer tells Boris Johnson
‘Where does the money come from?’ Reeves on the spot to explain Labour growth plan
Rachel Reeves questioned on Labour's growth plan Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The Shadow Chancellor criticised the Conservative Government policy of increasing national insurance contributions by 1.25 percent from April. Ms Reeves condemned the pressure being placed on workers during the cost of living crisis as the Government continues to dodge the introduction of a windfall tax against energy companies. Despite her criticism, the Labour MP seemed reluctant to explain the costing details of her party’s suggested emergency budget to tackle the crisis. Related articles Millionaires campaigning for higher taxes: ‘We've got enough!' … [Read more...] about ‘Where does the money come from?’ Reeves on the spot to explain Labour growth plan
‘Absolutely desperate’ UK authority first to declare major emergency over energy crisis
Energy bills: Chairman reveals 140% increase in calls for help Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info On Wednesday, the seaside resort of Eastbourne will become the first town in the country to declare a " Cost of Living Emergency" in response to soaring energy bills and prices. Josh Babarinde OBE, Eastbourne Liberal Democrat councillor and Parliamentary Candidate, told Express.co.uk: “It has been harrowing for me to see the huge rate of people accessing food banks. My inbox is full of local residents from the very estate that I grew up on saying ‘we are struggling and not getting enough support’." Related articles Sunak to bring in 'inevitable' … [Read more...] about ‘Absolutely desperate’ UK authority first to declare major emergency over energy crisis