A fresh Labour tax raid on the North Sea would cause "lasting damage" to Britain's oil and gas industry, bosses have warned.
John Healey, the Chancellor, is facing backlash over plans to extend a windfall tax on UK oil and gas profits, with energy chiefs claiming this would destroy investment and accelerate job losses.
Russell Borthwick, the chief executive of the chamber of commerce in Aberdeen, which represents the likes of BP and Shell, said another tax raid would cripple an industry "which Britain cannot afford to lose".
Labour already taxes oil and gas profits at 78pc under an existing windfall levy which Rachel Reeves, the former chancellor, previously extended from 2028 to 2030.
Under a more punitive regime, Mr Healey could increase the levy and extend it beyond 2030, as reported by The Telegraph.
#chancellor #profits #levy #north
John Healey, the Chancellor, is facing backlash over plans to extend a windfall tax on UK oil and gas profits, with energy chiefs claiming this would destroy investment and accelerate job losses.
Russell Borthwick, the chief executive of the chamber of commerce in Aberdeen, which represents the likes of BP and Shell, said another tax raid would cripple an industry "which Britain cannot afford to lose".
Labour already taxes oil and gas profits at 78pc under an existing windfall levy which Rachel Reeves, the former chancellor, previously extended from 2028 to 2030.
Under a more punitive regime, Mr Healey could increase the levy and extend it beyond 2030, as reported by The Telegraph.
#chancellor #profits #levy #north
3 days ago
