UK to raise windfall tax on energy companies to 60-70 percent

LONDON: In a bid to raise tens of billions of pounds to fill a major shortfall in public finances, the UK's finance minister, Chancellor of the Exchequer Jeremy Hunt, has announced an increase to a windfall tax on oil and gas companies, and also extended it to power generation firms.

The measures were among a series of tax increases and public spending cuts announced by Hunt in parliament.

Soaring oil and