UK should match Norway’s 78% North Sea oil and gas tax, thinktank says

Increasing windfall tax would help plug 40bn fiscal hole and keep energy bills low, analysis shows

A Norway-style windfall tax on energy companies could raise 33.3bn extra by 2027, plugging a hole in government finances and helping keep energy bills low, analysis has found.

The new chancellor, Jeremy Hunt, is looking at extending the sunset clause" in the energy profits levy by two years beyond 2025 as a result of the booming profits fossil fuel companies have been recording owing to the war in Ukraine.