British Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt are planning to extend windfall taxes on oil and gas companies to raise nearly 40 billion pounds ($45.55 billion) over the five years, The Times reported on Wednesday.

Sunak and Hunt want to maximise revenues from the windfall tax, by increasing the rate from 25% to 30% and extending it until 2028, the newspaper said, adding that the scheme will be expanded to cover electricity generators. ($1 = 0.8781 pounds) (Reporting by Juby Babu in Bengaluru; Editing by Leslie Adler)