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Sunak pressed to impose energy windfall tax

Labour loses Commons vote on levy but chancellor warns industry ‘no option is off the table’

Rishi Sunak has stepped up his warnings to Britain’s oil and gas industry that unless companies announce increased investment plans for the UK “soon” they face a potential windfall tax on their profits.

The UK chancellor is under pressure from his political opponents — and some prominent members of his own Conservative party — to impose a one-off levy on energy groups, which have seen profits soar thanks to the higher price of gas.

On Tuesday Labour used a debate on the recent Queen’s Speech to force a Commons vote on whether to impose a windfall tax — an opposition move designed to highlight the government’s reluctance to impose one. The vote was lost by 310 to 248.

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