North Sea oil firm Neo slows investment amid windfall tax concerns

Battle ahead for Labour as it introduces higher taxes and tougher environmental rules on producers

An oil and gas company has slowed down work on a large North Sea oilfield, citing uncertainty over the Labour government's approach to fossil fuels.

The Norwegian-owned Neo Energy said it had decided to materially slow down investment activities across all development assets in its portfolio", citing the prospect of higher taxes and tougher environmental rules.