UK’s Johnson says windfall tax on energy firms would hamper investment

LONDON – British Prime Minister Boris Johnson said on Tuesday that a windfall tax on energy companies would hamper investment and keep oil prices higher over the long term.

“If you put a windfall tax on the energy companies, what that means is that you discourage them from making the investments that we want to see that will, in the end, keep energy prices lower for everybody,” Johnson told ITV when asked about the government’s plans to ease a cost-of-living crisis.

BP earlier reported its net profit soared to its highest in more than a decade on strong oil and gas trading results.