Labour's North Sea Windfall Tax Sparks Industry Backlash

📆 8/24/2024 9:05 AM
📰 OilandEnergy

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Windfall Tax News

North Sea,Energy Sector,Labour Party

UK energy sector leaders warn that Labour's proposed windfall tax increase could jeopardize jobs and investment in the North Sea.

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.

The measures as announced risk both the net import gap for fuels, and the emissions footprint of fuel imports, growing long before the UK can deliver reliable, affordable, alternative energy sources.” The firms dubbed Labour’s plans a “surprise” despite them having been a core part of the party’s manifesto.

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