windfall tax

Campaigners are urging the UK government to implement a windfall tax on banks, which could generate £19bn to support cost-of-living measures. HSBC reported a 60% year-on-year profit increase in Q2, earning £7.5bn, driven by wealth management fees and higher interest rates.

Oil companies are expected to report large profits due to the U.S.-Iran conflict, which disrupted oil shipments through the Strait of Hormuz and drove up global fuel prices. Prices for Brent crude surged to over $126 per barrel, and lawmakers have proposed taxing oil companies' war-related profits.

Shell's second-quarter profit rose to $9.84bn, more than double the same period last year, driven by higher oil and gas prices linked to the Middle East war. Environmental groups are calling for a windfall tax to support households in response to the increased profits.

Big banks are preparing for a potential new windfall tax as the Chancellor seeks to target them. The article highlights the financial sector being eyed for additional taxation.

Ukraine's parliament is extending a 50% windfall tax on bank profits for the third time, causing tension between tax chief Danylo Hetmantsev and the National Bank. The National Bank warns the tax will harm lending, while independent economists argue it replaces stalled reforms.

Ukraine's banks experienced their longest credit expansion in 15 years, but the NBU warned that Russian strikes reduced business efficiency and a planned 2027 windfall tax could harm bank profitability.

Ed Miliband is a frontrunner to become chancellor in Andy Burnham's potential new UK government, with both leaders sharing a focus on addressing societal issues through interventionist policies. However, a potential conflict looms over Miliband's ban on North Sea oil and gas exploration versus Burnham's more open stance.

Five EU countries, including Germany, are pushing for the European Union to implement a windfall tax targeting energy companies profiting from the ongoing price crisis. While such a tax is technically feasible, implementing it across the EU would be complex.

Chancellor Rachel Reeves plans to increase the UK government's windfall tax on low-carbon electricity generators to curb rising household energy bills. The tax, introduced in 2022, targets excess profits from older renewable and nuclear plants amid soaring electricity prices following Russia's invasion of Ukraine.