Rishi Sunak: windfall tax an option if oil firms fail to invest in UK

Chancellor says he is pragmatic' about introducing a levy on energy companies to ease cost of living crisis

Rishi Sunak has insisted he is pragmatic" about the idea of a windfall tax on energy companies, claiming no options are off the table" in the clearest sign yet that the government is planning measures to tackle the cost of living crisis.

Labour has been calling for a windfall tax on oil firms, which have benefited from rocketing global prices, with the shadow chancellor, Rachel Reeves, suggesting the proceeds be used to cut domestic energy bills.