Abolish the Energy Profits Levy

Summary

We think this punitive tax is dismantling the UK’s offshore oil and gas industry, especially in Scotland, accelerating job losses and forcing early decommissioning, despite oil now trading at a lower level We think the EPL is fiscally reckless and industrially destructive. In our view, it was introduced during a short-lived price spike, it now persists even as oil trades at a lower level. Investment has collapsed, viable fields are being shut down, and many skilled UK jobs are vanishing. We think we are dismantling a world class industry for no gain. We think the tax is harming energy security, communities, and the economy. We think it must be abolished now, before more permanent damage is done.

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