Sunak unveils £15bn package and U-turns on windfall tax to help Britons 'hit hard' by cost of living surge

Mr Sunak's levy on the oil and gas firms - taking effect from today - is not just a one-off as it will only be phased out"if oil and gas prices return to historically more levels" and could be in place to the end of December 2025 - when a"sunset clause" will end the tax.- which suggested the tax could discourage investment - as well as the Tory backbenches, where MP Richard Drax accused the chancellor of"throwing red meat to socialists".

But that policy would have seen the £200 energy discount paid back by consumers over five years. Mr Sunak's latest announcement scraps that requirement and adds £200 to bring the total rebate due in October to £400. The £650 targeted payment for the poorest households will go to those eligible for universal credit, tax credits, pension credit and other benefits and will be sent as two lump sums directly into their bank accounts - the first from July, the second in the autumn.

The chancellor said the energy profits levy - which he was at pains not to describe as a windfall tax as proposed by Labour - was being wielded at a time when the oil and gas sector was making"extraordinary profits".

Wait a minute if Sunak is taxing energy companies then giving folk the £400 towards their bill is he not just giving them their money back? Once it goes full circle the energy companies are still winning?

Serves them right. If the retail price only went up in line with the wholesale cost then their profits would not be increasing at the rate they are so clear profiteering.

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