British Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt are planning to extend windfall taxes on oil and gas companies to raise nearly 40 billion pounds ($45.55 billion) over five years, The Times reported.
Sunak and Hunt want to maximize revenues from the windfall tax, by increasing the rate from 25% to 30% and extending it until 2028, the newspaper said, adding that the scheme will be expanded to cover electricity generators.
($1 = 0.8781 pounds)
