>Labour plans to extend the windfall tax on UK oil and gas producers could lead to 42,000 jobs and £26bn of economic value being wiped out, the offshore energy industry has warned.
>The party published plans for a “proper” windfall tax earlier in the week which would see the energy profits levy for North Sea companies rising to 78%.
>Labour said the move, which would bring the country in line with Norway, would “end the loopholes in the levy that funnel billions back to the oil and gas giants”.
I’m not an expert on the North Sea, but a loss of 42,000 jobs seems like a rather extreme estimate, no? Seems like more of a scaremongering tactic.
>OEUK chief executive David Whitehouse said: “Labour either can’t do the maths or haven’t considered the alarming jobs impact that will be felt up and down the country.
>“With no new investment, 42,000 jobs will go, and we could start to see the effects as early as this year.
Can somebody tell David that internal investment is tax deductible and that a windfall tax on profits is only on the… After tax profits.
Boo hoo
This will hurt the UK. Many multi national oil companies companies don’t trust the UK anymore for investment in O&G!
I presume the SNP will welcome this, being as they want the government to tax oil more?
Cause if we cant make all the profit, we’d rather make none of the profit?
This will kill Aberdeen and the north east
Bearing in mind the shit that was thrown at the SNP over the council tax freeze – is this a policy he pulled out of his arse – or did he bother to consult anyone in Scotland on it?
Did he consult anyone in the industry?
Anyone at “Scottish” Labour? Are they all on board with this change?
Or is this a last minute desperate knee jerk response to some bad headlines over the £28bn policy on green initiatives?
8 comments
>Labour plans to extend the windfall tax on UK oil and gas producers could lead to 42,000 jobs and £26bn of economic value being wiped out, the offshore energy industry has warned.
>The party published plans for a “proper” windfall tax earlier in the week which would see the energy profits levy for North Sea companies rising to 78%.
>Labour said the move, which would bring the country in line with Norway, would “end the loopholes in the levy that funnel billions back to the oil and gas giants”.
I’m not an expert on the North Sea, but a loss of 42,000 jobs seems like a rather extreme estimate, no? Seems like more of a scaremongering tactic.
>OEUK chief executive David Whitehouse said: “Labour either can’t do the maths or haven’t considered the alarming jobs impact that will be felt up and down the country.
>“With no new investment, 42,000 jobs will go, and we could start to see the effects as early as this year.
Can somebody tell David that internal investment is tax deductible and that a windfall tax on profits is only on the… After tax profits.
Boo hoo
This will hurt the UK. Many multi national oil companies companies don’t trust the UK anymore for investment in O&G!
I presume the SNP will welcome this, being as they want the government to tax oil more?
Cause if we cant make all the profit, we’d rather make none of the profit?
This will kill Aberdeen and the north east
Bearing in mind the shit that was thrown at the SNP over the council tax freeze – is this a policy he pulled out of his arse – or did he bother to consult anyone in Scotland on it?
Did he consult anyone in the industry?
Anyone at “Scottish” Labour? Are they all on board with this change?
Or is this a last minute desperate knee jerk response to some bad headlines over the £28bn policy on green initiatives?
Pathetic.