"Oil and gas companies have had their North Sea profits all but wiped out by a punitive energy profits levy that has made the UK virtually uninvestable."
"That remains the case under the current price of oil and gas and the government is wrong to conflate much larger global profits with meagre returns in the North Sea."
"It would be economic illiteracy on steroids if the government were to choose not to seize a £17 billion investment opportunity."
Rachel Reeves has been accused of hindering £17.5 billion in North Sea oil and gas investments by delaying the removal of a controversial windfall tax. The Chancellor's decision to postpone plans for an early end to the Energy Profits Levy was influenced by rising energy prices due to the war in Iran. Oil and gas companies are prepared to invest in North Sea projects but require the government to eliminate the windfall tax. Industry representatives criticize the delay, calling it detrimental to investment viability.
Read at London Business News | Londonlovesbusiness.com
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