Rishi warned as largest North Sea giant threatens UK exodus over £360m windfall bill

In May, Mr Sunak issued a 25 percent windfall levy, which increased the effective tax rate for North Sea companies from 40 to 65 percent, adding that the tax would remain until 2025 unless oil and gas prices returned to normal levels.

Now in a bid to fill a £50billion deficit in the UK public finances, Mr Sunak and Chancellor Jeremy Hunt are aiming to raise the tax rate to 30 percent, and keep in place until 2028,  the Times reported.

Linda Cook, Harbour’s chief executive said: “The recently enacted UK energy profits levy [EPL] and speculation about further fiscal changes have created uncertainty for independent oil and gas companies like Harbour.

“As a result, evaluating expected returns from long-term investments has become more difficult and investors are advocating for geographic diversification.”

Article source: https://www.express.co.uk/news/science/1691955/rishi-sunak-windfall-tax-bill-warning-north-sea-giant-uk-exodus-energy-crisis-lifeline