RESPONDING to the announcement of a windfall tax on the North Sea. Ryan Crighton, Policy Director at Aberdeen & Grampian Chamber of Commerce, said:
“Where the industry, the Chancellor and Prime Minister agree is that a windfall tax will deter investment in both the North Sea and our energy transition. All three parties have been repeating that mantra for months now.”
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“In the short-term, taking an additional £5billion from a sector already taxed at 40% will achieve very little apart from making the North Sea – already one of the world’s most mature basins – less attractive to investors. Tax and fiscal stability, above all else, really matter in a globally competitive investment market, and today we’ve shot ourselves in the foot.”
“It is clear that the Treasury has benefited enormously already from higher energy prices, to the tune of £19million per day so far this year, and therefore offering targeted support to consumers and businesses was already within its gift, without this damaging additional tax raid.”
“It needlessly puts obstacles in our path to net zero and will increase our reliance on imported energy, which comes at a greater environmental and financial cost.”
