US EditionScrapping windfall tax on oil and gas is ‘utterly essential’, Swinney insists
Chancellor Reeves plans to replace the 78% energy profits levy with a stable tax regime to boost investment and jobs amid Middle East-driven energy price volatility.
- John Swinney said the UK Government must scrap the energy profits levy, as it is hampering investment and costing jobs in the North Sea oil and gas sector.
- The Scottish First Minister insisted the levy should be removed, especially in light of the conflict in the Middle East leading to uncertainty over energy supplies.
- However, Simon Francis of the End Fuel Poverty Coalition argued that the windfall tax remains necessary, as energy firms have made huge profits even with the levy in place.
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British Finance Minister Stays Committed to Ending Energy Profits Levy Despite Middle East Conflict
British Finance Minister Stays Committed to Ending Energy Profits Levy Despite Middle East Conflict British finance minister Rachel Reeves reaffirmed her commitment to ending the windfall tax on oil and gas profits despite the uncertain geopolitical climate arising from the Middle East conflict. Meeting with industry leaders, she recognized the challenge of fluctuating energy prices but maintained her promise to conclude the levy.The tax was ini…
Rachel Reeves 'committed' to end windfall tax as she holds crisis talks with North Sea oil and gas bosses
Chancellor Rachel Reeves is convening discussions with senior figures from major oil and gas companies at Downing Street today, as the Middle East conflict continues to drive significant volatility in energy markets
Daily Echo
Reeves to stress commitment to end windfall tax in talks with North Sea bosses
The Chancellor is meeting figures from BP, TotalEnergies and Serica in Downing Street.
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