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UK Warns Energy Firms on Windfall Tax But Won’t Spell Out Target

May 20, 2022, 2:15 PM

UK Business Secretary Kwasi Kwarteng warned energy companies they may face a windfall tax if they don’t “step up” on new investments, but refused to say how much they must spend to avoid it.

“We want to see spending -- I’m not going to quantify it -- but we want to see actual real spending, and there’s evidence that they’re doing that,” Kwarteng said Friday in an interview with Bloomberg TV in the US. Companies are “very aware that if they don’t step up to that plate then they may well be subject to a windfall tax. I think that’s ...