42 UK energy firms warn UK Treasury against increasing windfall taxes and eliminating investment incentives, citing potential impact on supply chains, jobs, and renewable energy investment.

42 UK energy firms, including those in the oil and gas supply chain, have warned the UK Treasury of their "grave concerns" about government plans to increase windfall taxes and eliminate investment incentives for the industry. The companies, represented by Offshore Energies UK, argue that reduced investment and greater uncertainty could negatively impact supply chains, jobs, and communities. They also contend that oil and gas revenues are funding investment in renewable energy, and a hostile tax environment could threaten both the oil and gas industry and the firms investing in renewables. The energy firms have called for a role in the government's industrial strategy council, urging support for the domestic oil and gas sector to ensure sufficient investment in the UK's energy transition.

August 22, 2024
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