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UK Considers Lifting Energy Profits Levy Amid Investment Concerns

10/30/2025

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Summary

Story summary

Rachel Reeves, the U.K. Chancellor of the Exchequer, weighs removing the energy profits levy on North Sea oil and gas.
The plan would end the EPL early because a 78% tax rate deters investment.
Sir Keir Starmer, Labour Party leader, supports more extraction in the region.
The Treasury is consulting with operators on investments if the tax is lifted.
A decision will depend on the Office for Budget Responsibility's assessment.

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Story summary

Rachel Reeves, the U.K. Chancellor of the Exchequer, weighs removing the energy profits levy on North Sea oil and gas.
The plan would end the EPL early because a 78% tax rate deters investment.
Sir Keir Starmer, Labour Party leader, supports more extraction in the region.
The Treasury is consulting with operators on investments if the tax is lifted.
A decision will depend on the Office for Budget Responsibility's assessment.