British minister opposes storm tax

On Saturday, two ministers opposed imposing a one-time storm tax on the interests of oil and gas companies to help deal with the cost of living crisis.

Ministers have so far resisted demanding that Labor and the Liberal Democratic Party introduce a surcharge. This would add another 10% to the corporate tax on corporate profits, in addition to the 40% they are paying. I will put it out.

Health Minister Sajid Javid, who spoke at the Welsh Conservation Conference on Saturday, “instinctively” disliked this idea, saying the government “really needs to be careful.”

“As a country, we have had a lot of trouble, but we welcome investment and have a strong reputation for being a professional business.

“Business loves certainty, and of course there is no pure certainty, but when it comes to taxes, I think we really need to be aware of these sudden taxes that can have long-term implications. I regret it, “he added.

Northern Ireland Secretary Brandon Lewis said in an interview with The Telegraph that the government cannot rule out anything, but the idea “doesn’t really work” and the government “is very right to be wary of storm taxes.” Stated.

“It postpones both investment in that sector and absolutely risk in other sectors,” he said. “So we will be very wary of storm taxes. What we want to see is the companies that are spending the money they have to invest, especially in the industry.”

He also accused Labor of favoring “some headlines” over businesses, saying: It is damaging the British economy. “

Jacob Rees-Mogg, meanwhile, also expressed opposition from the Cabinet, claiming that it was wrong to attack the “honeypot of business.”

Brexit’s Minister of Opportunity said a one-off measure against North Sea businesses would ultimately result in the public paying more taxes.

Prime Minister Boris Johnson previously said he believed the storm tax was not the “right path” but refused to rule out that option.

But Labor leader Sir Kiel Starmer said the government’s U-turn against the storm tax was “unavoidable” as the government “raised billions of pounds and cut energy prices across the country.” Claims.

The idea of ​​a storm tax is gaining popularity as energy companies are boosting profits by rising consumer prices, boosted by pandemics and wars in Ukraine.

Workers argue that storm taxes could help reduce VAT on energy tariffs and increase warm home discounts for low-income earners.

Offshore Energies UK, an industry group in the energy industry, says the tax will endanger investment and employment.

PA Media contributed to this report.

Lily Chow


Lily Zhou is a freelance writer who mainly covers the British news of The Epoch Times.