Windfall tax ‘seriously flawed’, says North Sea oil and gas producer

Rishi Sunak hopes the energy profits levy will raise £5bn to fund efforts to cut household bills amid the cost of living crisis. Photograph: Jonathan Brady/PA

The biggest oil and gas producer in the North Sea has labelled the windfall tax on energy firms “seriously flawed” as it lobbied the chancellor for last-minute changes to the levy.

Rishi Sunak last month announced a windfall tax on oil and gas firms making outsized profits during the energy crisis, which he hopes will raise £5bn to fund efforts to cut household bills.