Chancellor Rishi Sunak has announced a windfall tax of 25% on oil and gas companies in the UK, alongside further measures to support consumers amid record high power prices.
Secretary of state for business, energy and industrial strategy (BEIS) Kwasi Kwarteng has called on North Sea oil and gas producers to invest in “the clean energy technologies of the future".
Labour has called for a windfall tax on North Sea Oil and Gas companies to help fund measures to protect households from expected energy bill increases in April.