The government's intention to increase windfall taxes from 75% to 78% and abolish investment incentives alarmed firms, as it threatens critical investment across the energy sector.
Companies investing in new technologies like floating offshore wind rely on the stable cash flow from oil and gas to fund their initiatives, underscoring the interconnectedness of industries.
The open letter from 42 companies indicates that a negative tax environment could jeopardize both the fossil fuel sector and renewable energy investments crucial for the UK's energy transition.
Firms stressed that reduced investment certainty would have cascading effects throughout the supply chain, risking jobs and community stability connected to the oil and gas sector.
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