The UK government have announced that they do not plan to extend windfall tax on electricity generators until there is a new prime minister in office. This decision comes as the Government have stated their unwillingness to make any big decisions until the next person joins 10 downing street.
The government have said that electricity generators have made extraordinary profits due to supply and demand issues within the sector. Therefore, they have been advocates to extend windfall tax for this sector. This one of Levy could impact domestic energy customers bills and bring down the cost of living, which is quickly becoming a crisis in the UK.
However, the suggestion of tax on this sector has sparked some criticism. Some have suggested that it may cause long term issues within the sector, which could delay advancements on Net Zero in which the Government are already falling behind on.
Currently the UK needs to improve the security of supply coming into the country and expand on low carbon infrastructure. However, introducing this tax is going to make investors projects more expensive which puts these at risk.
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