The chancellor's decision to raise and extend the windfall tax on profits made by oil and gas firms could drive investment out of the UK, the offshore industry's trade body has warned.The windfall tax is due to increase from 25% to 35% in January.OEUK claimed the tax rise could also drive up imports and leave consumers more exposed to global shortages.
It warned that companies, many of which provide specialised services such as marine engineering, deep sea diving or subsea communications, would face cutbacks or be driven abroad, if investment declined. "It's also worrying that we are increasing taxes on low-carbon electricity generation like offshore wind."
They will never touch them
That money would not have been there to invest if energy prices hadn’t gone up, so what would they have invested if it hadn’t gone up?
So be it then, we don’t want your dirty oil and gas money and we don’t want more oil and gas polluting extraction our air and damaging our climate & environment! ClimateEmergency InvestInRenewables NoMoreOilAndGas
Utter bollox they won't be paying 75% tax the windfall tax applies to excess profits, and that's if they don't spend it I stead of paying it.
So a Wealthy pressure group gets the BBC to publicly air its threats to abandon us if we don't let them continue to plunder the UK and make monster profits. This is why they call us Treasure Island.
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