UK Energy giants could face a tougher windfall tax, as the bosses are summoned to crisis talks

Ministers will summon energy bosses to discuss crisis talks following the latest rise in predictions about energy bills this winter.

The Sun reports that the leaders of electricity and gas will meet with Chancellor Nadhim Zhawi and Kwasi Kwarteng, Business Secretary. They’ll ask them to provide a breakdown of expected profits and payouts, as well as investment plans over the next three years.

This comes amid speculation that energy companies are now facing a tougher windfall tax after forecasts show bills will surpass £4,200 in January.

Octopus Energy’s boss has warned British households that they need an extra £500 to survive the winter.

Ed Davey, leader of the Lib Dems, is honest in his assessment of how the Government is dealing with the energy crisis.

He calls for a “cosy meeting” between ministers and energy bosses that will take place tomorrow in Downing Street.

He instead calls for the price cap to be removed to avoid a “social disaster”.

Greg Jackson stated that he plans to give £400 to all households – a package worth approximately £16bn – but this would not cover the sharp increase in bills.

According to him, the BBC was informed that “if the £16bn package was correct previously, then it’s clearly not sufficient now and the Government should provide similar significant assistance for this winter.”

Jackson said that payments could be counter-inflationary if done correctly. Direct help with bills would mean that energy contributes less to price rises.

Derek Likorish, chairman of Utilita, called for a social tariff to help the most vulnerable members of society. He stated that a dramatic increase in support between £800 and £1,000 was necessary.


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