Wednesday, October 8, 2025

Latest

UK Unveils Windfall Tax on Utility Providers as Energy Inflation Soars

As energy expenses become increasingly unsustainable for most UK households, the country’s government on Thursday imposed a 25% windfall tax on utility providers’ profits.

“We are introducing a temporary, targeted Energy Profits Levy charged on profits of oil and gas companies at a rate of 25%… We’re also building in a new investment allowance that doubles the relief for the energy companies that invest their profits in the UK,” said the country’s Chancellor of the Exchequer Rishi Sunak as cited by Reuters. According to the official, energy providers’ profits have risen too sharply amid surging commodity prices, sending UK citizens’ pocketbooks into a cost-of living crisis.

Up until now, the UK government has refrained from imposing a windfall tax, instead arguing that it would impede investment into the country’s energy infrastructure. However, the new tax is expected to raise about $6.3 billion in revenue, which will be distributed to UK’s poorer households, which currently sit at around 8 million. “We know that households are being hit hard right now… Fiscal support should be timely, targeted and temporary,” said Sunak.

After rising an astronomical 54% at the beginning of April, the energy price cap is expected to jump by another 40% come October, to a record-breaking $3,518. It is forecast that some 12 million UK households would succumb to fuel poverty as a result.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

James Bullard: Fed’s ‘Credibility is on the Line’ if Interest Rates Don’t Increase Quickly

St. Louis Fed President James Bullard has taken another swipe at the central bank’s lethargic...

Monday, February 14, 2022, 03:35:00 PM

Zimbabwe Answers Rising Inflation With Gold Coins

Zimbabwe will soon start selling gold coins to store value in an attempt to tame...

Tuesday, July 5, 2022, 02:20:00 PM

Advantage Energy Curtails Up To 130 mmcf/d Of Natural Gas Production

Low natural gas prices have led Advantage Energy (TSX: AAV) to curtail natural gas production...

Tuesday, October 8, 2024, 08:51:07 AM

OnlyFans Booming Despite Surging Inflation

Adult content website OnlyFans has something to gloat about: unlike its tech peer Netflix, the...

Wednesday, June 8, 2022, 03:41:00 PM

Canada’s Inflation Levels Accelerate by Most Since Beginning of Pandemic

It appears that Canadians are beginning to experience some of the price pressures associated with...

Thursday, December 17, 2020, 10:01:00 AM