Windfall tax increase and HS2 under review as Tories look to plug budget

Liz Truss’s investment zones could be scrapped and plans to reform social care may be delayed to cut spending

“Everything will be reviewed” as the government considers ways to cut spending and plug a budget black hole, the levelling up minister has said, naming the HS2 high speed rail project and Liz Truss’s investment zones as possible candidates for savings.

Michael Gove’s comments followed reports that ministers are considering extending the windfall tax on energy companies by three years and increasing it to 30% of profits, but have taken a similar levy on banks off the table.

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