New UK Prime Minister Liz Truss vows energy relief, rules out windfall tax – PBS NewsHour

by | Sep 7, 2022 | Energy

LONDON (AP) — Newly installed U.K. Prime Minister Liz Truss told Parliament on Wednesday that she would tackle Britain’s “very serious” energy crisis while still slashing taxes, ruling out imposing a windfall levy on oil companies to pay for her plans to offset the soaring cost of heating and electricity.
Truss rebuffed opposition calls for a new windfall tax, even as she refrained from explaining how she would fund a plan meant to help the public pay energy bills skyrocketing because of Russia’s invasion of Ukraine and the economic aftershocks of COVID-19 and Brexit.
She said during her first session of prime minister’s questions that she would set out a plan on Thursday to help with the immediate prices crisis so that people “are able to get through this winter,” as well as measures to bolster Britain’s long-term energy security.
But she added: “I am against a windfall tax. I believe it is the wrong thing to be putting companies off investing in the United Kingdom just when we need to be growing the economy.
“This country will not be able to tax its way to growth,” she said, to thunderous cheers from Conservative lawmakers in a packed House of Commons.
Truss’s spokesman said she wouldn’t cancel a windfall tax imposed in May by former Treasury chief Rishi Sunak, her defeated Co …

Article Attribution | Read More at Article Source

Share This