News Formal

Labour's North Sea Windfall Tax Sparks Industry Backlash

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 16 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 41%
  • Publisher: 68%

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘People are walking away’: UK windfall tax hits North Sea oil investmentPolicy uncertainty and Labour’s levy plans threaten fall in production and jobs in ageing oil basin, executives warn
Source: FT - 🏆 113. / 51 Read more »