On Wednesday, the Chancellor of the Exchequer of the United Kingdom, Rachel Reeves, delivered the Labour party’s first Budget since taking office, laying out her plans to “rebuild Britain” and “make every part of the country better off”. Yet, in a counterintuitive move, Reeves confirmed that the government will raise the Energy Profits Levy (windfall
Read More...This July, the new UK Labour Government came into office promising to ‘take the brakes off Britain’ and unlock a new era of economic prosperity. Yet, as Energy in Depth has previously explained, under current UK government plans the oil and gas industry is set to be burdened with another tax increase, which industry groups
Read More...Last month, the UK’s Labour government delivered its pre-election pledge to lift the windfall tax (formally known as the Energy Profits Levy) on oil and gas companies operating in the North Sea by three percent – with the total tax now reaching 78 percent. As Energy in Depth discussed, the announcement sparked outcry from stakeholders
Read More...On July 5, the U.K.’s Labour Party secured a landslide victory in the General Election, winning 412 seats out of 650, and marking a significant shift in the U.K.’s political landscape. Following the election, the U.K. oil and gas industry continues to voice concerns over Labour’s pledges to extend the windfall tax and end new
Read More...Ahead of the two-year anniversary of the implementation of the United Kingdom’s windfall tax, Energy in Depth examines its continued negative impact on the North Sea oil and gas sector. As EID has previously discussed, the windfall tax (formally known as the Energy Profits Levy) was introduced in May 2022 and increased from its
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