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Rishi Sunak
Chancellor Rishi Sunak announced a ‘temporary targeted profits levy’ on energy companies
(Image credit: Daniel Leal/AFP via Getty Images)

The government has U-turned on its resistance to a windfall tax on oil and gas companies, freeing up Rishi Sunak to announce a new emergency package to help households deal with the cost-of-living crisis.

The chancellor said the government would provide “significant support for the British people” as he unveiled a multibillion-pound package to help households pay rocketing energy bills.

The spending will be funded in part by a “temporary targeted profits levy” on gas and oil companies amid what Sunak described as a period of “extraordinary profits” as a result of “surging global commodity prices, driven in part by Russia’s war”.

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The government expects the levy to raise about £5bn of revenue, with oil and gas companies set to be charged at a rate of 25% on profits.

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