UK Chancellor of the Exchequer Rishi Sunak last week finally bowed to months of political pressure by imposing a windfall tax on oil and gas operators, prompting a backlash from industry which described the measure as a "backward step" that will deter investment for years to come. The 25% tax on oil and gas producers' profits forms part of a £15 billion (US$18.9 billion) package of support for households struggling to meet soaring energy bills. Speaking to parliament, Sunak did not refer to it as a windfall tax, instead calling it a "temporary targeted energy profits levy".
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