ELECTRICITY bills will be made cheaper than gas to get people to switch over their cars and boilers. Energy Secretary Grant Shapps will bring forward long-awaited plans to permanently re-balance gr…
500 million fewer barrels are likely to be produced - enough to support the nation for six whole months.
It blames huge red-tape from planning permission taking years to secure - causing decade-long delays in opening up new fields. David Whitehouse, OEUK’s chief executive, said: “The windfall levies are driving investment out of the UK. The total tax rate for offshore oil and gas operators is now 75% - three times that of conventional UK business.
When prices fall, as is already happening, the ‘windfalls’ will disappear – but the tax will remain because it is locked in place till at least 2028."
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