Back to today’s briefing

Story perspectives

UK Chancellor Faces Criticism Over Fossil Fuel Tax Proposal

6/20/2025

33 3

Summary

Story summary

UK Chancellor Rachel Reeves engaged in talks with Equinor, proposing higher taxes on fossil fuel profits in return for carbon capture subsidies. Critics warn this move jeopardizes climate objectives, citing the technology's questionable economic viability. As fossil fuel lobbying intensifies, the Labour government faces mounting pressure regarding its dedication to achieving net-zero emissions.

1 of 1

Story summary

UK Chancellor Rachel Reeves engaged in talks with Equinor, proposing higher taxes on fossil fuel profits in return for carbon capture subsidies. Critics warn this move jeopardizes climate objectives, citing the technology's questionable economic viability. As fossil fuel lobbying intensifies, the Labour government faces mounting pressure regarding its dedication to achieving net-zero emissions.