Scrap windfall tax on oil and gas firms early, North Sea industry urges

Labour should replace levy in 2027 rather than 2030 as energy bills are poised to surge over the winter, says lobby group

The North Sea oil and gas industry has called on Labour to scrap the windfall tax on fossil fuel firms three years early, as Britain heads into a winter with energy bills expected to reach their highest level since Russia's invasion of Ukraine.

Offshore Energies UK (OEUK), the industry's trade body, wants the tax replaced in 2027, rather than in 2030, with a narrower levy that only applies during price spikes.