UK rules out windfall tax on North Sea oil firms to help fund energy bills

Kwasi Kwarteng pledges to turbo-charge investment in solar and wind power amid new energy security plan

The business secretary has effectively ruled out a windfall tax on North Sea oil firms to fund discounted energy bills but promised much greater investment in solar panels, wind and nuclear to reduce reliance on Russian oil and gas.

Speaking amid reports of a cabinet split over landmark energy security plans due to be published within days, Kwasi Kwarteng offered up a tax on oil companies, backed by Labour, as the one policy that definitely will not find favour with ministers.