Treasury 'whitewashed' windfall tax to downplay investment risk, say energy firms

Treasury 'whitewashed' windfall tax to downplay investment risk, say energy firms

Treasury ministers have been accused of a “whitewash” over an official analysis claiming its windfall tax on oil and gas profits will not have a significant impact on the economy. Energy firms said the impact assessment underplayed the risk of the tax hike discouraging “vital investment” in the UK, while one Conservative MP claimed it had been written to “promote” the measure advocated by the Treasury. The document was signed off by Lucy Frazer, Financial Secretary to the Treasury, days after Rishi Sunak quit as chancellor. The “energy profits levy”, which was announced by Mr Sunak in May, aims to raise revenue to help with the cost of living by …
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