Britain is raising a tax on gas and oil producers, and adding a levy on companies that supply electricity — a similar approach to that of other governments chasing revenue.
The government is betting that the plan will put public finances back on sound footing but acknowledges that the measures are likely to deepen the economic misery for Britons.
Fighting for her political survival, Prime Minister Liz Truss fired her top ally and reversed course on tax-cutting plans, trying to shore up financial markets and her poll ratings.