A windfall tax on North Sea oil companies would lead to investments being shelved and leave the UK less secure in the face of energy treats from Russia, according to one of the biggest players in the industry.
Sir Ian Wood, who heads the north east’s move from carbon fuels to renewables, said Labour’s proposed £2 billion tax on oil company profits would put companies off investing.
Chancellor Rishi Sunak has not ruled out a one-off tax raid on oil companies who have seen massive profits on the rise of wholesale energy prices while consumers have faced a huge rise in domestic bills.
