Reeves denies industry is being unfairly targeted

CHANCELLOR Rachel Reeves says a windfall tax on North Sea oil is the "right" thing to do despite industry claims that it is being taxed "to death".

- BY PAUL HUTCHEON

Leading figures in the sector had been pushing the Chancellor to reform the energy profits levy, saying it is resulting in 1000 job losses a month from the sector.

First Minister John Swinney has warned the policy will have “disastrous consequences” for the northeast of Scotland.

While Reeves announced a replacement for the current tax regime, which will come in from 2030, her Budget on Wednesday maintained the charge at its current level — with SNP Finance Secretary Shona Robison saying it was “one of the most disappointing parts of the Budget”.

The Chancellor accepted that on oil and gas, her Budget statement “wasn't everything the industry wanted”.