Titanium Media App reported on May 27, the Wall Street Journal reported on May 27 that the United Kingdom announced that it would impose a temporary tax on oil and gas producers to ease the burden of soaring energy prices on consumers. A rare windfall profits tax aimed at tackling the worsening cost of living crisis. British officials said on Thursday that a 25% "energy profit tax" would be levied and would eventually be phased out as oil and gas prices fall. The additional tax, which amounts to an additional levy on top of the current rate, is effective immediately and may continue until the end of 2025. British Chancellor of the Exchequer Sunak said oil and gas companies were making "windfall profits" and the new levy was expected to bring in £5 billion, or about $6.3 billion, over the next year. Major oil companies such as BP and Shell will be affected by the new tax.
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