UK Energy Firms Push for Tax Breaks After Profiting from Middle East Crisis

Energy companies in the UK are pushing for tax breaks after profiting from the crisis in the Middle East. Campaigners say this is 'scandalous' and would cost the government up to £8.6 billion by 2030.

The current windfall tax on oil and gas companies, known as the energy profits levy, is set to be replaced with a new scheme called the oil and gas revenue levy in 2030. However, energy firms are lobbying for the change to happen earlier.

Industry body Offshore Energies UK (OEUK) claims that introducing the new tax system earlier would unlock 111 projects in the UK Continental Shelf, as well as generating £14.9 billion more in tax revenue over the next decade.

However, Global Witness has labelled the potential move as 'scandalous', saying that it would allow energy companies to cash in on the crisis without contributing fairly to the government's coffers.