May 12, 2022
1 min read

Sunak demands oil and gas companies increase investments

He repeated his view that no options were off the table if oil and gas companies did not provide significant investment soon in Britain…reports Asian Lite News

Finance minister Rishi Sunak said he was “pragmatic” about the idea of a windfall tax on the profits of oil and gas companies as a possible way to raise money to provide more help to households facing the strain of higher energy prices.

“I’m not naturally attracted to the idea of them (windfall taxes) but what I do know is that these companies are making a significant amount of profit at the moment because of these very elevated prices,” Sunak told BBC television.

He repeated his view that no options were off the table if oil and gas companies did not provide significant investment soon in Britain.

“I find there are two camps of people actually, there’s some people who think windfall taxes can never be the answer, And then there are other people who think windfall taxes are an easy, quick, simple answer to solve every problem,” he said.

“I’m not in either of those schools of thought, I’m pragmatic about it.”

Asked about the chance of fresh support for households, Sunak said he had previously said he was ready to do more and he wanted to see how energy costs develop ahead of a half-yearly review in October which would “help us to get the decisions right.”

ALSO READ-Sunak cleared of ethics breach

Previous Story

Eminent journalist V P Ramachandran passes away

Next Story

British firm reveals micro-launcher rocket

Latest from -Top News

US Backs India’s Hunt for Pahalgam Terrorists

Gabbard’s “hunt down” message comes amidst escalating Indian response to the terrorist attack, saying it had clear “cross-border” links to Pakistan….reports Asian Lite News Tulsi Gabbard, Director of National Intelligence (DNI), on

Border Sealed, Hopes on Hold

A Hindu family from Balochistan’s Sibi was reportedly denied entry into India after the closure of border crossing….reports Asian Lite News Pakistan and India’s decision to shut down the Wagah-Attari border crossing

West visits Cambodia to strengthen ties 

The visit also addresses shared security concerns, including combating serious organised crime and human trafficking, and future defence cooperation initiatives  The UK and Cambodia are collaborating to advance climate initiatives and promote
Go toTop

Don't Miss

Biden, Sunak discuss importance of G20  

The two leaders also reiterated the importance of working through

Putin sets out conditions for peace

One of the areas of contention is Russia’s Kursk region,