The British government was increasing the windfall tax on the profits of oil and natural gas companies in an emergency budget announced Thursday that was aimed at restoring the nation’s economic credibility and patching up its battered finances.
Saying the U.K. faces “unprecedented global headwinds,” Treasury chief Jeremy Hunt is unveiling tax increases and spending cuts in a speech to the House of Commons in a bid to tame double-digit inflation and rein in a growing deficit.
