Rachel Reeves floats energy tax U-turn on North Sea oil ahead of Budget

Rachel Reeves floats energy tax U-turn on North Sea oil ahead of Budget

Chancellor Rachel Reeves is understood to be considering axing the windfall tax on the UK's oil and gas industry earlier than expected

Labour considers scrapping North Sea windfall tax in dash for growth

Chancellor Rachel Reeves is weighing plans to scrap the windfall tax on North Sea oil and gas producers in a bid to boost investment and revive economic growth. The energy profits levy (EPL), introduced in 2022 under Rishi Sunak amid soaring global energy prices, currently imposes an effective tax rate of 78 per cent on North Sea operators. The Treasury is now considering whether to end the levy early, over growing fears it is stifling capital i…