Robert Palmer, Executive Director at Tax Justice UK, commented on the Chancellor’s announcement saying:
“The Chancellor has finally responded to campaigners' demands for a tax on the bumper profits of oil and gas producers.
“But Sunak's levy of £5bn still leaves shareholders pocketing billions in freak profits at the expense of struggling bill-payers.
“This one-off minimal tax falls far short. We need sustained reforms to make the tax system fairer, more support for people with ballooning bills and help with the transition to net zero.”
Further commentary from Robert on the announcement here.