BP is preparing to quit the North Sea after more than 60 years as Labour ramps up taxes on oil and gas. The Telegraph has the story.
The £80 billion energy giant had been close to selling its UK offshore operations to rival Ithaca in recent weeks, according to the Financial Times. It is said to still be actively considering other deals.
An exit from the North Sea by BP would mark the biggest casualty of Labour’s oil and gas tax policy.
It comes as energy giants grapple with the North Sea windfall levy, which has pushed industry taxes on oil and gas profits to 78%.
Rachel Reeves launched a fresh tax raid last month on the sector, including BP and Shell, to fund £1.8 billion of cost of living support.
Reeves scrapped a tax rule allowing oil and gas companies to offset profits made in Britain against losses made by foreign subsidiaries.
It is expected to raise hundreds of millions of pounds a year for the Treasury and pay for support for families and businesses.
The Chancellor’s move was cheered by Left-wing campaigners, with Greenpeace saying it was “exactly the kind of action we’ve been calling for”.
However, it has raised concerns that the changes could damage the UK’s already heavily taxed oil and gas industry and push more jobs abroad.
Offshore Energies UK, a trade association, said last year that the North Sea industry is already losing around 1,000 jobs a month as companies made cuts to their workforce.
BP has been critical of the windfall taxes imposed on UK offshore operators by the Government.
Worth reading in full.
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BP,…just hang on for a few more years and ,with a bit of luck, the adults will be back in charge!
If it really wants extra tax revenue, the government should tax public sector pensions the same as private sector pensions.
When this madness runs its course, which it will, then people like Miliband will find himslef in the cross hairs or a very angry populace. Perhaps he will be lucky and be tried for treason.
He will be looked after for his crimes against the British people. A massive carbon allowance, to cover life style as it is now. So him and the rest of his ilk will just be free to do what they want. While we try and make a life under own minimal carbon budget future. Forced on us by government ID. All in our 15 cities.
Labour are wrecking everything they can, as fast as they can, before they are booted out for eternity. Only risk is 7% of the vote goes to Restore pointlessly and we end up with a Green Lab Alliance. Just Great.
BP could move its headquarters abroad and list on NYSE then pay its corporate taxes there. Labour is destroying this country and I don’t think it’s an accident.
If they are no longer involved in the UK oil & gas industry there is no longer any reason for them to be based in the UK and paying UK tax. They would be much better off moving to the US.
Is this government just completely stupid, or are they deliberatelty trying to ruin the country?
Quite the rhetorical question…
Both
They are complete retards. In past times Miliband would be locked away to protect us, and Rachel from Accounts would not be allowed to stray from her job in Reception.
Oi, receptionists are under-appreciated. It’s a job which is difficult to do well, in most enterprises. Rachel Thieves would wreck any reception.
Yes
Economic suicide. Involuntary as far as most of us are concerned. Just look on the bright side – all the out of office lefties will be welcome in the EU.