Reported 8 months ago
Analysts at Stifel stated that Sir Keir Starmer’s proposed raid on North Sea oil and gas operators, as outlined in Labour's manifesto, would likely raise between £4bn and £5bn instead of the claimed £6bn over the next parliament. The increase in the marginal rate on the oil and gas windfall levy from 75% to 78% might deter investment among North Sea producers and lead to the UK relying more on foreign gas imports, according to experts. Energy Secretary Claire Coutinho criticized Labour's policies, saying they could leave Britain 'colder and poorer', while Labour dismissed the claims as 'desperate nonsense'. The analysts warned that removing an investment tax break for North Sea producers could lead to production decline and threaten jobs in the industry, ultimately slowing down the transition to clean energy.
Source: YAHOO