• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

Windfall tax? Instead Ministers pressure oil and gas firms to invest profits

"The only way to actually make a difference is to do the right, fair and principled thing and impose a one-off windfall tax on oil and gas producers’ profits to provide real help to families now and put in place a green energy sprint in the years ahead.”

Joe Mellor by Joe Mellor
2022-05-01 09:45
in Business
Credit:PA

Credit:PA

FacebookTwitterLinkedinEmailWhatsapp

North Sea oil and gas firms must deliver a clear plan to reinvest profits to accelerate domestic production, ministers have demanded as they face pressure to tackle the cost-of-living crisis.

Business Secretary Kwasi Kwarteng has written to the industry saying it must also set out plans for investment in clean energy during a meeting in the coming weeks.

Soaring energy bills is one of the major problems the Government is battling to alleviate, but ministers are not being given fresh funding to ease the pain.

Mr Kwarteng told the industry investing in home-grown energy production is essential to grow the British economy and “crucially bring down consumer bills in the long-term”.

“In return for the UK Government’s ongoing support for the sector, the Prime Minister, the Chancellor and I want to see a very clear plan from the oil and gas industry to reinvest profits in the North Sea and, importantly, in the clean energy technologies of the future,” he wrote.

“At our next meeting in coming weeks, I would like you to set out how you will reinvest profits, double down on investments in the clean energy transition and importantly accelerate and maximise domestic oil and gas production.”

Insulting

Labour said the Government is “rattled” as oil and gas producers make “soaring profits” as bills rocket.

RelatedPosts

McDonald’s to leave Russia as Greenpeace blocks tanker carrying Putin’s diesel to UK

What cost of living crisis? Huge pay packet of Tesco boss revealed

‘Historic’: Union hails recognition deal with food delivery giant Deliveroo

‘Unacceptable:’ Energy firms shoring up finances at expense of consumers

Shadow climate change secretary Ed Miliband said: “Kwasi Kwarteng’s letter is not worth the paper it is written on for millions of families facing the cost of living crisis.

“Families want action to deal with the bills crisis, not a vacuous, insulting piece of political spin.

“The only way to actually make a difference is to do the right, fair and principled thing and impose a one-off windfall tax on oil and gas producers’ profits to provide real help to families now and put in place a green energy sprint in the years ahead.”

Ministers have been resisting imposing the windfall tax, but Chancellor Rishi Sunak opened the door to the move earlier this week.

“If we don’t see that type of investment coming forward and if the companies are not going to make those investments in our country and in our energy security, then of course that’s something I would look at,” he said.

Related: ‘Hypocrisy:’ Amount of Russian oil that has flowed to UK since Ukraine invasion has been revealed

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Robbie Williams robustly defends plans for an underground swimming pool

Glasgow Rangers have drawn side for Europa League fixture

Everyone points to the same thing as Daily Mail asks: ‘Where have our GPs gone?’

Mend and make do: Home-owners face startling post-code lottery for cost of repairing household appliances

Returning from holiday? You’ll be ready for another one in a month

Snail in Indian Ocean ‘first species at risk of extinction from deep sea mining’

Steel boss calls on PM to ‘bang ministerial heads together’ but Tory blames Kremlin for gas prices

Hancock admits test and trace is “not quite there” after system misses target for ninth week in a row

A Reminder that Putin is Winning

Review: Ghostbusters

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.