A British energy industry body has urged the candidates in the running to become prime minister to scrap the windfall tax on profits as soon as possible.
The temporary 25 percent profit levy on oil and gas giants was announced in May by then-chancellor Rishi Sunak to fund a relief package for households struggling with rising bills.
Offshore Energies UK (OEUK), which represents the offshore oil and gas industry, said the sector will pay about £13.8 billion ($16.7 billion) into the Treasury next year as a result of the windfall tax and corporation taxes.
Liz Truss during a hustings event in Darlington, County Durham, as part of the campaign to be leader of the Conservative Party and the next prime minister, on Aug. 9, 2022. (Danny Lawson/PA)
In open letters to Sunak and Foreign Secretary Liz Truss, who are competing against each other in the race to become Conservative Party leader and UK prime minister, the industry body urged both candidates to scrap it as soon as possible and not to extend it beyond the 2025 sunset clause….