Abolish the Energy Profits Levy & review the tax regime for North Sea energy

Summary

Abolish the Energy Profits Levy and launch a review of the current tax regime on North Sea energy to make it more predictable, so that there is more support securing domestic oil and gas production and efficient use of UK resources. We believe current UK tax and regulatory policy is reducing investment in the North Sea, which could put at risk domestic energy supplies, high quality jobs, skills and vital supply chains built up over decades. Without a stable and competitive framework, the UK may rely more on imports, lose tax revenues and expertise, and weaken its energy security. We believe change is needed immediately to give companies confidence to invest and protect consumers from future shocks.

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