Power giants to face windfall tax after all as Liz Truss delivers U-turn

Prime minister accused of another screeching U-turn' having previously rejected calls to impose levy

Renewable power companies will have their revenues capped in England and Wales, after the government bowed to pressure to clamp down on runaway profits.

The announcement late on Tuesday night provoked immediate accusations that Downing Street had performed another screeching U-turn" - having previously rejected calls to impose a windfall tax on power giants.