UK energy tax will fund aid

The British government has announced a 15 billion pound ($19 billion) package to help families deal with the cost of living crisis, funded in part by a one-time tax on energy giants.

The rise in oil and gas prices has greatly increased the profits of giant companies such as BP and Shell.

In this context, the opposition has been calling for Prime Minister Boris Johnson for weeks to impose an exceptional tax on the sector to help families pay energy bills.

Johnson and his ministers opposed the tax, saying it could undermine investment in renewable energy and the shift to carbon neutrality.

But Finance Minister Rishi Sunak announced yesterday in a speech to Parliament an aid package that would ease the impact of inflation.

“Nearly one in eight families among the most vulnerable will receive at least £1,200 this year, including a one-time £650 cost-of-living grant, a £400 benefit increase and a doubling of the discount on utility bills. .energy” in October, his department said.

All families, regardless of income, will receive a grant of £400.

The Treasury explained that these measures will be financed in part by “a temporary 25% tax on energy profits of oil and gas companies that reflects their extraordinary profits,” estimating that they will raise about 5,000 million pounds next year.

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