Cost of living: No option is off the table, says Boris Johnson

Cost of living: No option is off the table, says Boris Johnson

May 23, 2022 by BBC

Key Facts

  • A windfall tax is a one-off tax imposed by a government on a company or group of companies - the idea being is to target firms that were lucky enough to benefit from something they were not responsible for - in other words, a windfall.
  • A number of Conservative backbenchers have also come out in favour of a windfall tax, increasing pressure on the government to act - with former Treasury minister Jesse Norman telling Today it was needed in these "extraordinary times".
  • But the energy companies have had a genuine windfall, and senior figures in government are pretty grumpy that in various meetings with the oil companies, they just don't seem to get it - they have raked in enormous profits and not really helped themselves, as someone put it to me last night.
  • There is a battle going on internally between pain relief, as it is described - short-term fixes that can help people right now; and what is seen as surgery - boosting the economy for years to come, with an argument that if you spend a pound now, you can't spend that pound again on a new train line or power station later.

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