KEY POINTS
  • The measures come a day after a deeply embarrassing investigation into lockdown parties at Downing Street and amid sustained pressure on the ruling Conservative government to do more as soaring inflation pushes up the price of everything from food to fuel.
  • The decision to impose a windfall tax on energy companies marks yet another U-turn for Prime Minister Boris Johnson's government.
  • Sunak had previously rejected the one-off levy, saying that while it sounded "superficially appealing" it would ultimately deter investment.
Sunak had previously rejected the idea of a windfall tax, saying that while it sounded "superficially appealing" it would ultimately deter investment.

LONDON — U.K. Finance Minister Rishi Sunak has imposed a windfall tax on oil and gas majors as the government scrambles to alleviate the country's worsening cost-of-living crisis.

The measures come a day after a deeply embarrassing investigation into lockdown parties at Downing Street and amid sustained pressure on the ruling Conservative government to do more as soaring inflation pushes up the price of everything from food to fuel.