UK to tax profits of oil and gas giants

Faced with the rising cost of energy bills for Britons, the Conservative government of Boris Johnson has resolved to tax oil and gas companies. This temporary tax on extraordinary profits (windfall tax) will weigh up to an additional 25% on “the extraordinary profits” of companies, British Finance Minister Rishi Sunak said on Thursday. The government hopes to raise 5 billion pounds (6 billion francs) over the year, which will be used to partly finance the 15 billion in aid to British households to reduce the weight of inflation linked to the war in Ukraine.