UK Extends Windfall Tax on Oil and Gas to 2029 Amidst Scottish Tory Opposition

The Chancellor's decision to prolong the energy profits levy faces backlash from Scottish Conservatives, highlighting concerns over jobs and investment.

• Chancellor Jeremy Hunt announces the extension of the windfall tax on oil and gas companies until 2029, expected to raise £1.5 billion.
• Scottish Conservative leader Douglas Ross and UK Government minister Andrew Bowie express deep disappointment, fearing negative impacts on jobs and investment.
• The extension aims to address prolonged high energy prices due to the Ukraine war, with provisions to abolish the tax if prices return to normal levels.
• Industry representatives warn the tax extension could jeopardize £200 billion in potential investments and hinder the UK's energy transition efforts.
• Environmental groups support the extension, arguing it is a necessary measure to reclaim profits from energy companies amid rising fuel poverty and climate concerns.

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