Windfall tax to fall if oil and gas prices drop
it would cut its planned 2023 North Sea investment by a quarter - £100m - because of the extension to the windfall tax.It said any fall in investment "puts the long-term future of the UK's domestic supply at risk, meaning we would be forced to import more from abroad at a time when reliable and affordable energy is a focus for families and businesses".in May last year when he was chancellor, with the rate set at 25%.
Trade body Offshore Energies UK welcomed the announcement, but warned the industry still faced challenges. "We will now work closely with government and lenders to understand the detail of the measure and its effectiveness at unlocking investment." "People up and down the country, who've just experienced one of the most difficult winters in memory at a time when oil and gas companies made record profits, will rightly be seething that their government wants to remove the windfall tax on those profits," she said.
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