Chancellor to back down on windfall tax in cost of living crisis plan
Sky News says Chancellor Rishi Sunak is expected to bow to pressure to impose a windfall tax on energy companies when he sets out the government’s latest plan to tackle the cost of living crisis later.
Although not confirmed, Treasury sources have also not denied reports that he will scrap the requirement to repay the £200 discount on energy bills, and could increase the level of the grant.
Details are expected to be revealed in the Commons in the morning and are anticipated to target those who are suffering the most.
The announcement comes a day after Sue Gray’s much-anticipated report on lockdown-breaking parties in Downing Street was published, prompting critics to accuse the government of bringing forward the measures to distract from the fallout.
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