Jeremy Hunt will host a roundtable with North Sea oil and gas bosses today, as the sector grapples with the impact of the windfall tax. Two industry figures confirmed this to POLITICOEurope. The government has recently cut the windfall tax on petroleum crude, petrol, diesel, and ATF, with the new rates effective from May 16. Despite these changes, North Sea energy firms are looking beyond the UK due to the tax squeeze, with many producers merging and shifting overseas. The opposition Labour Party has also threatened more taxes if it wins the next general election.
🇬🇧North Sea energy firms look beyond UK after tax squeeze North Sea oil and gas producers are merging and shifting overseas as Britain's windfall tax slashes profits and as the opposition Labour Party threatens more tax if it wins the next general election. The change of… https://t.co/Wv2laope31
North Sea oil and gas producers are merging and shifting overseas as Britain's windfall tax slashes profits and as the opposition Labour Party threatens more tax if it wins the next general election https://t.co/eTO3CJscYa https://t.co/cwofJSDpJv
North Sea energy firms look beyond #UK after tax squeeze #oott https://t.co/lyEua5vF0V
North Sea oil and gas producers are merging and shifting overseas as Britain's windfall tax slashes profits and as the opposition Labour Party threatens more tax if it wins the next general election. More here: https://t.co/dqKEeZ10P6 https://t.co/h3Sb2DEwjs
North Sea energy firms look beyond UK after tax squeeze https://t.co/moFen7CgxJ https://t.co/RL3ztU2Y9U
Government Cuts Windfall Tax on Petrol, Diesel, And ATF: New Tax Rates Effective from Today- Check the Latest Fuel Rates in Your City #PetrolPrice #DieselPrice #WindfallTax #IndainEconomy #Markets https://t.co/NZFZd8FQph
Centre Cuts Windfall Tax On Petroleum Crude, New Rates Effective From Today https://t.co/pR3p2ZK3jw https://t.co/MCCwYP6GoL
Jeremy Hunt will host a roundtable with North Sea oil and gas bosses today, two industry figures have confirmed to @POLITICOEurope The sector's still smarting from the windfall tax, with one figure describing the most recent hike as "the unpleasant icing on a badly baked cake."