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UK to raise $65 billion from windfall tax on energy companies | CNN Business

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The UK will raise $65 billion from a windfall tax on energy companies as it scrambles to balance its budget amid an economic downturn.

UK finance minister Jeremy Hunt announced the measures on Thursday while delivering the government’s medium-term budget, which laid out plans for higher taxes and cuts to public spending. Beginning January 1, the Energy Profits Levy on oil and gas companies will increase from 25% to 35% and remain in place until the end of March 2028. That takes the total tax on the sector to 75%, according to the Treasury.

“I have no objection to windfall taxes if they are genuinely about windfall profits caused by unexpected increases in energy prices,” Hunt said in parliament on Thursday. “Any such tax should be temporary, not deter investment and recognize the cyclical nature of energy businesses,” he added. The United Kingdom will spend an additional £150 billion on energy bills this year compared to pre-pandemic levels, according to Hunt.

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POTUS WhiteHouse what would that figure look like for the U.S.? How many more teachers and schools can we have with the money? How many projects could we fund? How many JOBS? People need to work not get handouts ...

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A hard winter.

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Thanksgiving dinner will cost 20% more this year because of inflation | CNN BusinessThanksgiving dinner will cost a whopping 20% more than it did last year, according to a new survey released Wednesday by the American Farm Bureau Federation. Really? Really STOP THE PANIC message. Thanksgiving will be fine for everyone. Every year same price shit. Prices come and go. Stop scaring the American people. We are not scared and will live our normal lives. Understandably, it costs to live by ones and zeros on a scale of zero to one how so input for output. Countdown change begins with me.
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