Sterling falls after Chancellor Jeremy Hunt announces tax increases and tighter public spending
During recent days there have been suggestions in the stock market that investors were being too pessimistic about the windfall taxes likely to be lumped on electricity generators.The chancellor slapped the generators with a 45% levy on the 'excess profits' being made by them.
Shares of Orsted, the Danish wind generating giant with significant UK operations, have fallen only very slightly in Copenhagen. However, as with the electricity generators, Mr Hunt's raid appears to have been fully priced in by investors in a number of cases. That said, shares of two other North Sea oil specialists, Enquest and Energean, are off by 2% and 3% respectively.The answer is because these are global multinationals and the vast majority of their profits are made outside the UK.
The windfall tax will also be extended to electricity generators but shares in many of these companies were up, reflecting again that - with a number of reports predicting the move - it was mostly priced in to markets.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chancellor Jeremy Hunt warned 'not to cut' budget for councils in Autumn StatementThe chancellor has been warned that local council budgets are under extreme pressure and need to be considered a priority ahead of his first Autumn…
Read more »
Sacha Lord fears venues could close ‘faster than in pandemic’ following budgetSacha Lord fears entertainment venues could close ‘at faster rate than in pandemic’ following autumn budget
Read more »
Autumn Statement: Government to push ahead with plans for Sizewell CChancellor Jeremy Hunt renews a commitment to build the £20bn nuclear plant on the Suffolk coast.
Read more »
From energy bill support to wage increases: this is what the new budget means for youEverything we learned from chancellor Jeremy Hunt’s autumn statement budget announcement.
Read more »
Britain Is Embracing Austerity 2.0 As Recession BitesFinance minister Jeremy Hunt announced billions in spending cuts and tax rises on Thursday.
Read more »