Labour's North Sea Windfall Tax Sparks Industry Backlash

The government’s plans for North Sea oil and gas are a “blunt response” that could jeopardise hundreds of thousands of jobs not just in the energy sector, several of the industry’s leading figures have warned. In an open letter to the Treasury, over 40 companies with operations in the North Sea voiced their “grave concern” with the new government’s plans for the Energy Profits Levy, which include raising the headline rate of tax to 78 percent and removing the allowance for investment and exploration. The…