When, the chief secretary to the Treasury, said this morning that all options were on the table as the government considered its response to the cost of living crisis
But Clarke did suggested that a further cut to the universal credit taper rate was being considered. He said: Over the last few weeks we have been able to witness the debate in the Conservative party on the merits of a windfall tax on energy companies evolve to a remarkable extent in public. At one point most Tory MPs were happy to stick to what was then the Treasury line – that it was a bad idea that would discourage investment. But now more and more senior party figures are coming out to say they are in favour.
And all a windfall tax says is ‘look this is actually inequitable because these people were not expecting that money and these are extraordinary times and we should be thinking about the wider public interest’.I don’t know the Treasury’s mind regarding a windfall tax on the oil and gas sector. Few would embrace the idea with enthusiasm in normal times. But these are extraordinary times, and the arguments against it at present are very weak.
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