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Chancellor Weighs Ending Windfall Tax on Oil, Gas

10/31/2025

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Summary

Story summary

Chancellor Rachel Reeves is reportedly considering ending the UK's windfall tax on oil and gas by March 2029.
The move would reverse last year's extension to March 2030, and Conservatives led by Kemi Badenoch advocate scrapping the tax.
The Energy Profits Levy, introduced by former Conservative Chancellor Jeremy Hunt, imposes a 78% effective tax rate, drawing criticism that it raises energy bills and deters investment.

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Story summary

Chancellor Rachel Reeves is reportedly considering ending the UK's windfall tax on oil and gas by March 2029.
The move would reverse last year's extension to March 2030, and Conservatives led by Kemi Badenoch advocate scrapping the tax.
The Energy Profits Levy, introduced by former Conservative Chancellor Jeremy Hunt, imposes a 78% effective tax rate, drawing criticism that it raises energy bills and deters investment.