Sunak demands North Sea cash bonanza reinvestment

UK MPs vote against a windfall tax on producers, but finance minister wants spending in return for no raid on coffers

“We are pragmatic, and we want to see our energy companies—which have made extraordinary profits at a time of acutely elevated prices—investing those profits back into British jobs, growth and energy security,” UK finance minister Rishi Sunak told a debate on the cost-of-living crisis in the country’s lower house on Tuesday. “I have made it clear and said repeatedly that, if that does not happen soon and at significant scale, no option is off the table.” MPs later voted down an opposition amendment to the Conservative government’s Queen’s Speech legislative programme regretting the failure to impose a windfall tax on oil and gas producers. But, while no Conservative representatives voted in