UK's Windfall Tax: $20B Investment Loss, Job Cuts
Update: 2025-12-02
Description
The UK governments decision to maintain the windfall tax on North Sea oil and gas operators could potentially eradicate up to twenty billion dollars in investment, according to Wood Mackenzies estimate. This tax, known as the Energy Profits Levy, was introduced during the 2022 energy crisis and has already led to several companies halting investments and reducing workforce. The high tax rate of seventy-eight percent has prompted industry leaders to criticize the governments decision, fearing it will harm the offshore oil and gas sector and threaten Britains energy security.
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