The gas crisis is global and HM Treasury can hardly send an invoice to Gazprom or Qatar

Here’s a development in the energy crisis we didn’t expect from a free-market business secretary: talk of a windfall tax on companies that are making big profits from the surge in gas prices.

Spain has taken a step down that route and Kwasi Kwarteng told a select committee on Wednesday that the UK government is considering a similar scheme. “We’re looking at all options,” he said. “What they’re doing in Spain is recognising it’s an entire system. I’m in discussion with Ofgem [the energy regulator] and other officials”.

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