OEUK warns that raising the Energy Profits Levy to 38% could result in £13B economic loss, £12B tax reduction, and threaten 35K jobs.

The UK's Offshore Energies UK (OEUK) warns that raising the Energy Profits Levy from 35% to 38% could lead to a £13 billion economic loss over five years, jeopardizing investment in offshore oil and gas from £14.1 billion to £2.3 billion. This change may also result in a £12 billion reduction in tax revenue and threaten 35,000 jobs. OEUK urges the government to reconsider, emphasizing the need for sustainable energy management without harming employment.

September 01, 2024
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