North Sea firms claim windfall tax risks 35,000 jobs and £12bn in tax receipts

Industry group says plans for tougher taxes would trigger an accelerated fall' in output and investment

The North Sea industry has warned the government not to toughen its windfall tax on oil and gas profits in the autumn budget, claiming it risks losing 12bn in tax receipts and jeopardising 35,000 jobs.

The industry's trade association, Offshore Energies UK (OEUK), has presented Treasury officials with data analysis that appears to show that proposed changes to the tax regime would devastate the sector's predicted investment over the second half of this decade.