The Chancellor Rishi Sunak has today announced a raft of support measures to deal with the rising costs of living including a temporary windfall tax for oil and gas companies and extra payments to low-income families.

The windfall tax or 'Targeted Energy Profits Levy' will be temporary and will be phased out once oil and gas prices return to historically 'normal levels':

Although the levy will not apply to the electricity generation sector, as they benefit from high gas prices the government is consulting with both them and investors to drive forward energy market reforms and evaluate appropriate steps to take with respect to the extraordinary profits currently being made by the sector.

This will raise additional revenue of £5bn over the next year which will be used to fund the following support for individuals:

External links

Cost of living support package policy paper

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