5/23, 9:36 AM (Source: TeleTrader)
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Windfall tax on UK energy companies plausible - secretary

Chief Secretary to the British Treasury Simon Clarke said on Monday the United Kingdom's government is not excluding the possibility of a windfall tax on energy companies should they fail to invest their profits in increasing the capacity.

"We recognize there are extraordinary pressures on family finances, and the industry needs to hear the message loud and clear. If the investment doesn't go in, we can't rule [it] out," Clarke said in an interview for Sky News. The minister stated that he expects profits to be invested in the North Sea oil and gas project, as a response to the current global energy crisis.

British Foreign Secretary Liz Truss shared last week her concerns over the windfall tax, adding that the United Kingdom is going through a "very, very difficult economic situation," as the country's inflation saw an annual rise to 9% in April.

Baha Breaking News (BBN) / TB