Government 'refuses to rule out windfall tax' on oil and gas companies

24 May 2022

A Treasury minister has stated that the government 'cannot rule out' a windfall tax on gas and oil companies in order to help with the cost-of-living crisis.

Simon Clarke, Chief Secretary to the Treasury, said that any action the government decides to take will be 'targeted and effective', and that it 'certainly will not rule out a windfall tax' to help tackle the increasing cost of living.

A handful of MPs have voiced their support for a windfall tax, putting pressure on the government.

Mr Clarke commented: 'We are looking at the situation with real urgency and intent, and it is against that backdrop that people can be reassured the government is on the case.

'We are not going to rush into action but at the same time nor are we going to sit here and not provide the support that is needed given the severity of the situation.'