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UK Considers Significantly Increase Energy Windfall

 


LONDON, November 12 (Reuters) – UK Treasury Secretary Jeremy Hunt is considering significantly increasing windfall taxes on oil and gas companies and extending them to power companies, sources said. Saturday.

The idea is “under consideration” before Hunt announces a new budget plan on Thursday, according to government sources, who remain anonymous, the government source said.

Under the plan, first reported by The Times, the levy will increase from the current 25% to 35%. It also applies to generators and will run until 2028, not 2025 as currently scheduled.

The newspaper said the tax would raise a total of £45 billion ($53.3 billion) over the next five years.

A senior source at North Sea producers familiar with the government’s plans said that tax investment incentives are also expanded and it is important for the government to avoid further tax changes. sea ​​development.”

The chairman of Ithaca Energy, a newly listed North Sea oil and gas producer, said on Wednesday that removing incentives to invest in oil and gas would render the UK’s maritime industry uneconomical.

Prime Minister Hunt and Prime Minister Rishi Sunak make difficult decisions about tax hikes and spending cuts to restore credibility to UK economic policy after a bond market sell-off sparked in September by a tax cut plan now largely abandoned by former Prime Minister Liz Truss warned that the .

Other countries have also introduced windfall taxes on energy companies whose profits soared after gas prices soared following Russia’s invasion of Ukraine.

Shell (SHEL.L) said it does not expect to pay UK taxes this quarter as it is offset by the investment, raising questions about how much additional revenue the government will actually generate.

($1 = 0.8450 pounds)

Report by William Schomberg and Ron Bousso Edited by Ros Russell

Our Standard: The Thomson Reuters Trust Principle.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/business/energy/uk-considering-big-increase-energy-windfall-tax-sources-say-2022-11-12/

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