North Sea oil cash dries up amid Labour's tax raid

https://www.msn.com/ ^ | December 27, 2025 | Hugo Duncan

[Jonty30]

Labour’s attack on the oil and gas industry means no new wells have been drilled in the British North Sea this year, for the first time in more than half a century.

Activity in UK waters has dried up as energy firms reel from the windfall tax on profits and Ed Miliband’s ban on licences for exploratory drilling in new areas.

And analysis of Budget documents shows the so-called Energy Profits Levy is raising billions of pounds less than expected – leading to calls for it to be scrapped to save the industry from collapse.

The levy was forecast to bring £26billion of revenue into the Exchequer in the three years after its introduction in 2022.

But in fact, it raised just £9.7billion in that time.

And the Office for Budget Responsibility has cut its forecast for how much it will raise over the next three years, from £15.6billion to £5.7billion.

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TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; Government
KEYWORDS: britain; europe; fund; oil; theft

[Jonty30]

Give socialists the Sahara Desert and they will figure out a way to run out of sand.

[Poser]

Who is John Galt?

[aquila48]

“Office for Budget Responsibility” - straight from George Orwell.

[ClayinVA]

Wait till they hear about the Silver issue Monday. They should be glad the Pound Sterling doesn’t exist anymore.

[FreeperCell]

they will not win this war. They are from hell

[Nateman]

Ministry of Truth update

Islam is peace

Capitalism is slavery

Diversity is strength

Welcome to the new 1984

[Mark17]

And water is no longer wet.

[Kudsman]

Literally tilting at windmills.

[catnipman]

how soon before the lights go out in the UK?