UK oil and gas producers warn Sunak over windfall tax

Financial Times LogoFinancial Times4d ago

UK oil and gas producers warn Sunak over windfall tax

Quick Summary

UK oil and gas producers on Thursday warned Rishi Sunak, the chancellor, that his new windfall tax on their profits could force the cancellation of projects as well as prompt investors to deploy their capital elsewhere.

The windfall tax, unveiled by Sunak in May, is meant to partly fund a £15bn support package for UK households struggling with soaring energy bills.

An executive from Norwegian state-backed energy company Equinor suggested to Sunak it was questioning whether the UK was a sensible place to invest, said several people at the meeting.

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Article Details

Author / Journalist: Nathalie Thomas

Category: MarketsFinanceInvesting

Topics: Investment Levy North Energy Meeting Financial Sunak Windfall Executive

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 18:39:16

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 5 minutes read

Article Length: 759 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 6371

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About Financial Times

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Main Topics: MarketsFinanceInvesting

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Update Frequency: 8 posts per day

Year Established: 1888

Headquarters: United States

Last Updated: 10h ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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