UK’s Hunt: Any windfall tax should be temporary and not deter investment

UK Finance Minister Jeremy Hunt is presenting the Autumn Budget to parliament.

Key takeaways

“Just under half of the £55 billion consolidation coming from tax, and just over half from spending.”

“We have not raised headline rates of taxation.”

“We will retain the employment allowance at its new, higher level of £5,000.”

“Any windfall tax should be temporary and not deter investment.”

“From January next year to March 2028, will increase a windfall tax on oil and gas firms to 35%, from 25%.”

“Will extend windfall tax to electricity generation firms.”

“Temporary levy on electricity generators will be 45%.”