Oil and gas producers have branded the UK one of the most “fiscally unstable” regimes in which to do business, as chancellor Jeremy Hunt examines a further increase in windfall taxes on fossil fuel companies.
In a letter seen by the Financial Times, an industry group representing 20 British oil and gas companies — including top-10 producers Harbour Energy, Ithaca Energy and Neo Energy — told Hunt that higher windfall taxes would put at risk the sector’s “appetite and financial ability” to invest in new projects.
Hunt is assessing a five percentage point increase in the energy profits levy (EPL) to 30 per cent as he seeks to find up to £54bn of savings ahead of the Autumn Statement on November 17.
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