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Reeves told: Change windfall tax to raise £137bn by 2050
The Chronicle
|September 01, 2025
CHANCELLOR Rachel Reeves has been urged to reform the windfall tax in a move that could boost the economy by £137 billion by 2050.
Ahead of the start of its conference in Aberdeen this week, trade body Offshore Energy UK (OEUK) released a report claiming replacing the energy profits levy next year with a profits-based mechanism could increase investment and output in the North Sea.
The UK Government has previously said the windfall tax - which currently sits at 38% - would be scrapped in 2030, or potentially earlier if oil and gas firm profits fall below a certain level.
The replacement, OEUK has said, would be triggered by "unusually high prices" and would be levied against excess profits.
This story is from the September 01, 2025 edition of The Chronicle.
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