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Evening Standard

Politics

Craig Paton

Change windfall tax to make £137bn by 2050, Chancellor told

Oil Rachel Reeves United Kingdom OEUK

The report was released ahead of the OEUK conference in Aberdeen this week (Jane Barlow/PA) - (PA Archive)

Chancellor Rachel Reeves has been urged to reform the windfall tax in a move that could boost the economy by £137 billion by 2050.

Ahead of the start of its conference in Aberdeen this week, trade body Offshore Energy UK (OEUK) released a report claiming replacing the energy profits levy next year with a profits-based mechanism could increase investment and output in the North Sea.

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