Exclusive
We will face a tougher windfall tax, projected to reach £4,400 by next spring.
The Treasury Department is about to significantly increase the 25% tax on record-breaking profits announced in May.
1
Gas and Electricity Boss Prime Minister Nadim ZahawiToday Secretary of Commerce Quasi Quarten.
They want the fat cats to provide a breakdown of expected profits and payments, as well as an investment plan for the next three years.
Treasury Department source: “When you look back at what these companies were expected to produce and what they actually delivered, it far exceeded their expectations. We are looking at options to move profits even faster.”
A senior source said a new 'full-fat' windfall tax was likely to raise £5 billion. He added that it would close the loophole in the energy profits tax that has been in place.
They say, ``Too much wiggle room, too open-ended.''
The plan could even be announced beforethe new Prime Minister is appointed — Mr. Kwarten said that if she wins,Liz's truss is expected to become prime minister.
Last night Boris Johnson said at a reception in Downing Street that his successor needed to do more to help his struggling family. said there is
"Whoever he or she is, I have no doubt they want to announce more," he said.
His comment comes at a time when energy bills are projected to cost him £650 more than previously thought, andthe bill In January it was £4,267 a year.
By next April he will be over £4,400, according to Cornwall Insight analysis.
