Story thread · 4 reports / 4 sources

North Sea windfall tax showdown as campaigners warn ‘scandalous’ shake-up could cost Britain £8.6bn

gbnews.com · 1h · first reportShare

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 introducing the new tax system earlier, coupled with a “more pragmatic” approach to licensing from Westminster could unlock 111 projects in the UK Continental Shelf. TRENDING Stories Videos Your Say Both the Tories and the SNP want the levy changed. But campaigners said it was “scandalous” that energy firms, who have “cashed in on crisis” were now “pushing for tax breaks”. They dismissed claims that ditching the tax would generate jobs and investment, saying Britain’s oil industry was already “a dying sector”. Revenue from the windfall tax cou