The UK government is set to ban new drilling licenses in the North Sea while proposing tax reforms to ease the financial burden on the oil and gas industry. The existing windfall tax will be phased out by 2030, replaced by a regime linked to global energy prices, providing certainty for investors. The government is conducting an eight-week consultation on managing the transition to cleaner energy sources, addressing concerns from trade unions about job losses. Leaders assert that the North Sea's energy resources will remain integral to Britain's clean energy future.
The government announced a consultation on managing the North Sea's transition to cleaner energy, emphasizing the need to protect jobs while phasing out new drilling licenses.
Ed Miliband stated that the North Sea will be crucial to Britain's clean energy future, ensuring oil and gas industries remain vital during the transition.
The planned easing of the windfall tax by 2030 aims to provide industry certainty while the government commits to renewable energy growth in the North Sea.
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