War Forces Reeves To Keep North Sea Windfall Tax In Place (1)

UK Chancellor of the Exchequer Rachel Reeves backtracked on plans to scrap a controversial windfall tax on North Sea oil and gas, after prices spiked because of the conflict in Iran.

Reeves had been planning this week to announce an early end to the tax, which is due to finish in March 2030, according to a government official who spoke on condition of anonymity about unannounced plans. However, rising prices forced her to put that plan on ice, the person said.

Ministers have been holding meetings with industryfor months to explore the impact of ending the Energy Profits Levy ...