Norwegian firm wants to develop Rosebank field in North Sea but Sunak’s tax break for fossil fuel producers could cost UK dear
The government faces making a loss of more than £100m if drilling at the UK’s largest undeveloped oil field is approved, according to new research examining a tax break introduced by Rishi Sunak.
Sunak performed a dramatic U-turn last May when he introduced the “energy profits levy” as chancellor – effectively a windfall tax on energy producers. However, he also introduced a very generous tax break for fossil fuel producers to ensure that “the more investment a firm makes, the less tax they will pay”.
Continue reading…Norwegian firm wants to develop Rosebank field in North Sea but Sunak’s tax break for fossil fuel producers could cost UK dearThe government faces making a loss of more than £100m if drilling at the UK’s largest undeveloped oil field is approved, according to new research examining a tax break introduced by Rishi Sunak.Sunak performed a dramatic U-turn last May when he introduced the “energy profits levy” as chancellor – effectively a windfall tax on energy producers. However, he also introduced a very generous tax break for fossil fuel producers to ensure that “the more investment a firm makes, the less tax they will pay”. Continue reading…