Prime Minister Rishi Sunak and Chancellor Jeremy Hunt were exploring additional tax increases and public spending cuts, including an increase in windfall taxes on oil and gas producers, to fill a hole in public finances, the Financial Times reported.
FTSE 100 falls as China's COVID-19 curbs hit commodity stocks
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UK's blue-chip shares fell on Friday, dragged down by commodity-linked stocks on worries over widening COVID-19 curbs in China, and on reports that the UK's new government was looking to raise windfall tax on oil and gas producers.