UK North Sea Oil: Job Losses & Revenue Drops

Labours Windfall Tax Fails to Deliver: British North Sea Oil Industry on the BrinkThe British North Sea oil industry faces a dire situation as no new oil or gas wells have been drilled since 1964, largely due to Labours policies. The windfall tax, intended to generate £26 billion over three years, has fallen short, yielding only £9.7 billion. The Office for Budget Responsibility has further reduced forecasts to £5.7 billion over the next three years. Industry leaders are calling for the taxs abolition, as it has led to a loss of 1,000 jobs per month and a 40% drop in production, with another halving expected by 2030. The tax, initially introduced by the Conservatives, was increased to 38% by Labour, resulting in a total tax rate of 78% on profits. In contrast, Norways North Sea fields are thriving, with experts suggesting that scrapping the levy in the UK would unlock billions in revenue and save jobs.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.