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Tens of thousands of jobs in the UK will go as a result of a windfall tax on North Sea oil producers announced in the Budget, the industry has warned.
Mike Tholen, economics director of Oil and Gas UK, said the change would also damage long-term energy security.
The £2bn tax will fund a fuel duty cut, after a surge in global oil prices.
Chancellor George Osborne said he would watch fuel prices “like a hawk” to make sure the oil tax was not passed on to drivers.
I agree with Mike Tholen’s point that changes brought in the form of additional taxes can adversely impact the long term energy security of a country. Thanks for sharing this useful information.
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