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Bloomberg
The UK expects to raise more than £28 billion ($30.9 billion) in the coming years from a windfall tax on oil and gas firms.
The revenue will go toward offsetting the huge costs of subsidizing energy bills amid a cost-of-living crisis driven by soaring gas and power prices. The forecast was released as part of Chancellor of the Exchequer Kwasi Kwarteng’s mini budget presented in Parliament on Friday and includes the period through the 2026-27 fiscal year.
Former Chancellor Rishi Sunak introduced the measure earlier this year to help the country cope with rising bills.
Prime Minister Liz Truss
has vowed not to impose further windfall taxes on the energy sector.