Scrapping windfall tax early could cost UK £8.6bn by 2030, campaigners warn
Global Witness said moving the levy earlier could cut Treasury receipts by 2030, while industry says it would unlock investment and 111 projects.
- Campaigners urged Chancellor John Healey to resist pressure to replace the current Energy Profits Levy early, warning the shift could cost the country £8.6 billion by 2030.
- The Westminster Government plans to replace the Energy Profits Levy by 2030, but Offshore Energies UK argues an earlier transition is "more pragmatic" and could unlock 111 projects.
- Research for Global Witness found that if oil prices remain at around 100 US dollars a barrel, the new levy would raise £8.6 billion less than the current tax by 2030.
- Simon Francis of the End Fuel Poverty Coalition warned that "cutting taxes for oil and gas giants now would be a betrayal," while Greenpeace political campaigner Rudy Schulkind said firms "cashed in on crisis."
- Enrique Cornejo, OEUK's energy policy director, said the Global Witness analysis overlooks the economic benefits of encouraging domestic production, while The Government maintains it is providing long-term certainty to support jobs.
13 Articles
13 Articles
Sky News UK
Great Yorkshire RadioScrapping windfall tax early could cost UK £8.6bn by 2030, campaigners warn
The government has already outlined plans to replace the charge - known officially as the energy profits levy - with a new scheme called the oil and gas revenue levy.
North Sea windfall tax showdown as campaigners warn ‘scandalous’ shake-up could cost Britain £8.6bn
Scrapping the North Sea windfall tax could cost the country more than £8billion by the end of the decade, climate campaigners say.The Government has already outlined plans to replace the charge – known officially as the energy profits levy – with a new scheme called the oil and gas revenue levy.This is due to happen in 2030 – but energy firms are pushing for the replacement regime to start earlier.Industry body Offshore Energies UK (OEUK) says i…
Evening Standard
Scrapping windfall tax early could cost UK £8.6bn by 2030, say campaigners
The campaign group Global Witness has written to Chancellor John Healey.
Oil and gas giants in line for tax cut if windfall tax axed early
New analysis shows the Government’s planned replacement for the windfall tax could reduce the revenue collected by the Treasury and handing oil and gas firms a tax cut. Modelling commissioned by Global Witness compared the current Energy Profits Levy (EPL) with the Oil and Gas Revenue Levy, due to replace it in 2030. The analysis, … Continue reading "Oil and gas giants in line for tax cut if windfall tax axed early"
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