UK's Sunak announces temporary energy profits levy to tackle cost-of-living crisis

British finance minister Rishi Sunak said on Thursday he would introduce a "temporary and targeted" energy profits levy, describing his support for those hurt hardest by a cost-of-living crisis "timely, temporary and targeted".

"We will introduce a temporary and targeted energy profits levy but we have built into the new levy a new investment allowance that means companies will have a hew and significant incentive to reinvest their profits," Sunak told parliament.

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