Sunak subsidies for oil and gas industry could insulate 2 million homes, says think-tank

By Daniel Gayne2022-06-01T05:55:00

Tax reliefs in chancellor’s new windfall levy will save energy firms billions

More than two million homes could have been insulated using money set to subsidise oil and gas exploration, according to climate change researchers.

Chancellor Rishi Sunak last week announced that firms which invest in oil and gas extraction in the UK will benefit from tax relief from a new levy on windfall profits. The deduction will correspond to between £2.5bn and £5.7bn in new tax relief for oil and gas producers, according to the think-tank E3G.

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