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UK’s Hunt: Not opposed to windfall taxes, but must not drive away investment – Reuters UK

ByINVESTOR

Oct 17, 2022

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LONDON, Oct 17 (Reuters) – UK finance minister Jeremy Hunt said he was not opposed to the principle of windfall taxes and that he ruled nothing out, but stressed that the energy industry was highly cyclical and investment must not be driven out by new taxes.

“I am not against the principle of taxing profits that are genuine windfalls,” Hunt told parliament.

“But … in the energy industry, it is a very cyclical industry and there are businesses that have periods of feast and famine, and you have to be very careful that you don’t tax companies in a way that drives away investment. So, we have said that nothing is off the table.”

Reporting by Sachin Ravikumar, writing by William James

Our Standards: The Thomson Reuters Trust Principles.

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