Government cannot rule out windfall tax on energy firms says UK minister
A windfall tax is a one-off tax imposed by a government on a company or group of companies - the idea being is to target firms that were lucky enough to benefit from something they were not responsible for - in other words, a windfall.
The government had initially rejected the idea, warning it could deter investment from energy companies into the UK. He highlighted policies already put in place - including the £150 council tax rebate - to support people with rising costs, before comparing the government's actions in the pandemic to the government of World War II.
What we are seeing in public - and it rages in private too - is philosophy and ideology smashing into reality. In other words Conservatives instinctively don't like windfall taxes appropriating the profits of a sector that has just happened to do very well. Plus there is a nervousness too that it is it not a panacea - that if it happened, people would be back at the government's door next week saying, 'what are you going to do next?'.
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