Cryptocurrency: Businesses Looking Towards Unconfiscatable Crypto Too

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In complete pile of nonsense, Government Politicians are blaming
everyone and everything but themselves for Inflation, and concocting
"windfall taxes" to steal money from everyone they can, and deploy
age old lie of calling power "temporary" when they mean "permanent"...


UK Imposes Windfall Tax On Energy Firms To Fund £15 Billion Relief
Package For Households

https://www.theepochtimes.com/uk-imposes-windfall-tax-on-energy-firms-to-fund-15-billion-relief-package-for-households_4492339.html

The UK government has announced a temporary windfall tax on oil and
gas giants to fund a relief package for households struggling with
rising bills.

Chancellor of the Exchequer Rishi Sunak has previously resisted
opposition parties’ calls for a windfall tax, warning about the impact
it would have on future investment.

But he has now been forced to unveil emergency measures to tackle the
impact of soaring inflation, which has reached a 40-year high.

Millions of households will receive a £400 ($504) discount off their
energy bills.

Around 8 million of the lowest income households will be sent a
one-off payment of £650, and pensioners will receive a one-off £300
payment.

To help fund the package, which will cost £15 billion ($19 billion),
the government will introduce a 25 percent profit levy on oil and gas
giants, which it expects to generate £5 billion ($6.3 billion) in tax
revenues.

Addressing the House of Commons on May 26, Sunak acknowledged that
high inflation is causing “acute distress” for people in the country,
telling MPs, “I know they are worried, I know people are struggling.”

He said the government “will not sit idly by while there is a risk
that some in our country might be set so far back they might never
recover.”

Sunak said the oil and gas sector is making “extraordinary profits”
not as the result of innovation or efficiency, but as the result of
“surging global commodity prices driven in part by Russia’s war.”

    “For that reason I am sympathetic to the argument to tax those
profits fairly,” he said.

Meanwhile, the chancellor said he is introducing a “new investment
allowance” to incentivise energy firms to reinvest their profits in
developing domestic energy sources.

Sunak stopped short of also slapping the new levy on electricity
generators, although he said the Treasury was evaluating the scale of
the profits being made in the industry and what steps could be taken.

Paul Johnson, the director of the Institute for Fiscal Studies, called
it a “big, expensive package from Rishi Sunak.”

    “In conjunction with tax rises already in place this is hugely
redistributive - taking from high earners and giving to the poor,” he
wrote on Twitter.

Before the announcement, oil and gas producers warned that a windfall
tax would do long-term harm to the industry.

Offshore Energies UK, which represents the offshore oil and gas
industry, said the tax would burden firms with “sudden new costs,”
which would “disrupt planning and investment and, above all, undermine
investor confidence.”