OEUK warns that raising the windfall tax could lead to a £13 billion loss to the UK economy from 2025 to 2029 and threaten 35,000 jobs.
The Treasury insists on constructive dialogue regarding potential changes to the Energy Profits Levy, which will increase from 35% to 38% on November 1.
OEUK's analysis indicates the increased tax could generate an extra £2 billion short term but lead to a £12 billion loss in tax receipts overall.
David Whitehouse, OEUK's Chief Executive, highlighted the contradiction in the government's focus on economic growth while implementing policies that may hinder the sector's potential.
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