![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/windfall-tax-will-be-extended-in-autumn-statement-suggests-grant-shapps/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/TELEMMGLPICT000314728770_trans_NvBQzQNjv4BqMNXAjrQuC5hshkZY4lLDIb6Xj2WECU5tGTp4vDMBGsY.jpeg&description=A Cabinet minister has hinted the Government could extend the windfall tax on the excess profits of oil and gas giants at the Autumn Statement later this month. Grant Shapps, the Business Secretary, said it "is the case that because fuel prices have been so high there have been unexpected profits" as he failed to deny that the tax will be increased at the statement on November 17. Asked specifically about the windfall tax, Mr Shapps told Sky News: "I think that might be a clever way of asking me what is in the Autumn Statement again but we will be setting that out, the Chancellor will be setting that out, very shortly. I mean it is the case that because fuel prices have been so high there have been unexpected profits of course." He added: "But you will need to wait, as I say, until the 17th, until the Autumn Statement on exactly which measures are in there." A windfall tax on UK oil and gas firms was introduced in May but there have been repeated calls from Labour to extend it. Reports have suggested that the Government is planning to increase the levy from 25 per cent to 30 per cent and to keep it in place until 2028. There is an estimated £60billion blackhole at the heart of the public finances which ministers will try to fill with a mixture of public spending cuts and tax rises at the Autumn Statement. Mr Shapps said "let's wait and see" when he was asked if most of the number will be found through cuts.){kind=link}
Chosen by us to get you up to speed at a glance
A Cabinet minister has hinted the Government could extend the windfall tax on the excess profits of oil and gas giants at the Autumn Statement later this month.
Grant Shapps, the Business Secretary, said it “is the case that because fuel prices have been so high there have been unexpected profits” as he failed to deny that the tax will be increased at the statement on November 17.
Asked specifically about the windfall tax, Mr Shapps told Sky News: “I think that might be a clever way of asking me what is in the Autumn Statement again but we will be setting that out, the Chancellor will be setting that out, very shortly. I mean it is the case that because fuel prices have been so high there have been unexpected profits of course.”
He added: “But you will need to wait, as I say, until the 17th, until the Autumn Statement on exactly which measures are in there.”