In order to generate nearly 40 billion pounds ($45.55 billion) over the next five years, British Prime Minister Rishi Sunak and Finance Minister Jeremy Hunt intend to extend windfall taxes on oil and gas corporations, according to a report published in The Times on Wednesday.

UK plans to extend windfall taxes on energy firms; aims to raise $45.55 billion over five years

The continuous surge in oil and fuel prices due to the ongoing Russia-Ukraine war impacted millions globally with people coping with a rise in the cost of living.

'Windfall of war': Energy firms report bumper profits as millions continue to struggle

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