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

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

India-EU Trade Deal Breakthrough Soon?

Negotiators report increased momentum in discussions, which have been given a boost from US President Donald Trump’s tariff offensive…reports Asian Lite News India and the European Union aim to finalise a trade

Europe Seeks Peace in Gaza

European countries condemn Israeli interception of Gaza-bound flotilla, demand safety of citizens…reports Asian Lite News Israel’s interception of an international flotilla carrying humanitarian aid to Gaza has sparked condemnation across Europe, with

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

‘My Injuries Made Me’

During his four-year battle with injury, the incumbent fast bowling spearhead made occasional appearances but couldn’t bear the workload and demands of red-ball cricket….reports Asian Lite News England tearaway Jofra Archer believes
Go toTop

Don't Miss

Sunak says he’ll release tax return soon

In an interview with Piers Morgan for TalkTV, the Prime

Hope bilateral links will be deepened, Sonia to Sunak

Indian-origin Conservative party politician Sunak on Tuesday officially became the