Opinion

Budget delivers pain and certainty for UK North Sea

The Autumn Budget delivered on Labour's pledge to toughen the windfall tax but, after months of uncertainty, the industry can at least begin to look ahead

The Autumn Budget expanded the Energy Profits Levy, known as the windfall tax, for oil and gas companies operating in the UK North Sea. While the sector had fervently opposed the EPL, and loathed its latest increase, at least now it has sufficient line of sight to plan ahead.
The Autumn Budget expanded the Energy Profits Levy, known as the windfall tax, for oil and gas companies operating in the UK North Sea. While the sector had fervently opposed the EPL, and loathed its latest increase, at least now it has sufficient line of sight to plan ahead.Photo: UPSTREAM/RYTIS DAUKANTAS
Published 1 November 2024, 10:34Updated 4 November 2024, 08:05
United KingdomRachel ReevesEd MillibandEuropeWestern Europe