Rachel Reeves should scrap the North Sea windfall tax now

The UK should optimise North Sea oil and gas production while it transfers to renewables and nuclear developments The chancellor’s failure to reform or remove the energy profits levy (EPL) – AKA the North Sea windfall tax – in her spring forecast was a case of “political expediency and more to do with putting one byelection result before the economic needs of the country”. Who said that? Some Tory or Reform politician being opportunist as war in Iran puts the UK’s energy import dependency in ...

By Nils Pratley