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Sunak Stands Firm on UK Oil Windfall Tax in Industry Talks (1)

June 23, 2022, 6:04 PM

UK Chancellor of the Exchequer Rishi Sunak remained committed to his windfall tax on oil and gas profits despite protests from industry executives during their first meeting since the announcement.

Sunak, who said last month he would impose the 25% levy, told them the tax would be temporary and is a vital way to support households facing a surge in the cost of living, according to a statement from the Treasury.

The discussion with about 20 oil and gas business leaders, which took place in Aberdeen, Scotland on Thursday was “candid and constructive,” according to Offshore Energies UK. But the ...