UK Chancellor Jeremy Hunt extends North Sea oil and gas windfall tax by one year to 2029.

UK Chancellor Jeremy Hunt extends North Sea oil and gas windfall tax by one year to 2029, raising £1.5bn while encouraging investment. The tax, officially known as the Energy Profits Levy, was introduced in May 2022 to address surging energy prices and raised £2.6bn in its first year. The extension is due to expectations that energy prices will remain elevated for an extended period.