Hunt made no announcements on the windfall tax yesterday, despite speculation he had been weighing up reform amid fears Equinor could pull out of the proposed Rosebank oil and gas project. He has been considering price floor proposals, where the Energy Profits Levy will be switched off when oil and gas prices return to 'normal levels' - a number that has not been agreed. It remains to be seen whether an announcement will be made at a later date. The government is also considering plans to expand the scope of the investment relief - set at 91p in the pound - to include carbon capture and storage if tagged onto existing oil and gas fields to reduce emissions

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