Shares in some of Britain’s biggest power companies fell sharply on Tuesday as Rishi Sunak drew up plans for a windfall tax on the energy sector to help offset spiralling domestic fuel bills.
The chancellor is rushing to complete an emergency energy package to offer relief to households struggling with a spiralling cost of living crisis and the prospect of an ￡800 increase in fuel costs in the autumn.
Drax, owner of the UK’s biggest power station, tumbled 16 per cent, Centrica dropped 10 per cent and SSE fell almost 9 per cent in London. The sell-off came after the Financial Times revealed that Sunak’s officials were working on a possible windfall tax on electricity generators, as well as North Sea oil and gas producers.
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