Reeves told: Change windfall tax to raise £137bn by 2050

CHANCELLOR Rachel Reeves has been urged to reform the windfall tax in a move that could boost the economy by £137 billion by 2050.

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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.