Jeremy Hunt ‘lining up new 40% windfall tax on electricity generators’

Chancellor plans levy on companies' excess returns' to ease cost of living crisis, according to report

Jeremy Hunt is reportedly preparing to hit electricity generation companies with a 40% windfall tax on their excess returns" as he attempts to fund measures to ease the cost of living crisis.

The chancellor is considering a levy on the extra profits made by generators above a certain price per megawatt hour, which has yet to be decided.