Both oil and gas, renewables needed for successful energy transition, offshore leaders say in windfall tax meeting with UK Treasury minister
(WO) – On Monday, Exchequer Secretary to the Treasury, James Murray MP, co-hosted a Fiscal Forum at Offshore Energies UK’s Aberdeen offices with senior industry leaders.
The impact of changes to further extend and raise the Energy Profits Levy (EPL), or windfall tax, and the potential removal of critical capital allowances for the sector were central to discussions.
These policy changes are rocking the confidence of firms and their investors in the UK’s global competitiveness and its ability to achieve a homegrown energy transition. The offshore energies sector is a strategic national asset. It supports 200,000 jobs throughout the UK and contributes £20 billion a year to the Treasury, underpinning national energy security.
David Whitehouse, CEO Offshore Energies UK, said, “We thank the minister for the frank meeting. Discussions between government and industry in the coming weeks before the Autumn Statement will be vital to secure investment in the sector and deliver on the government’s commitment to safeguard jobs.”
“The minister again heard in no uncertain terms direct from senior business leaders about the impact these proposals are already having for businesses of all sizes and their skilled people right across the whole of the UK. Decisions made by this government in the coming weeks could jeopardize thousands of jobs and billions of pounds in economic value.
“Everyone in the room shared the minister’s ambition for a clean energy future. But this future can only be achieved in partnership with the oil and gas sector and by policies that support jobs, attract investment and anchor business here in the UK. There is no simple choice between oil and gas and renewables – we need both to deliver energy security and a homegrown transition.”
