TotalEnergies warns it will curb UK investment over windfall tax

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Financial Times 14h ago

TotalEnergies warns it will curb UK investment over windfall tax - Financial Times

Quick Summary:

He took a swipe at French plans that could hit companies with higher taxes, calling the proposals “unfortunate”.

The government is planning to raise the levy by 3 percentage points from November, which will take the overall tax rate on the sector to 78 per cent if the increase is confirmed in this month’s budget.

Labour wants to use proceeds from the tax to help fund investment in renewable energy including wind power, and has set up a new state-owned company, Great British Energy.