Why is Rishi Sunak flirting with windfall taxes?

Rishi Sunak has had a few quiet weeks after an explosive one, in which the Chancellor had to deal with an avalanche of questions concerning his wife’s tax status and a partygate fine. But Sunak was back this week talking policy. And his most recent contribution is unexpected to say the least.

In an interview with Mumsnet, the Chancellor indicated that he might start considering a windfall tax on oil and gas companies if they didn’t invest more profits back into their businesses to ‘support the economy’ and improve productivity. ‘If we don’t see that type of investment coming forward, if companies aren’t going to make investments in our energy security, of course that’s something I’d look at,’ the Chancellor said.

But it’s not at all obvious from Sunak’s previous comments that he would ‘of course’ consider an extra tax on businesses which, due to economic circumstances, have seen their profits spike.