One of the policy areas on which the Labour Party has been very specific during this general election campaign is its approach towards North Sea oil and gas production. The party has been clear that it will raise existing windfall taxes first slapped on North Sea oil and gas producers in 2022 by Rishi Sunak, when he was chancellor, taking the total level of tax from the current 75% to 78%.
He went on: 'As to the claim that the tax is being paid by the 'oil and gas giants', it is in fact independent companies like Serica who are most affected. The 'majors' account for only around a third of UK production and the vast majority of their profits are made overseas and are not touched by increasing tax rates on UK production.
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