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Chancellor Reeves Seeks Energy Levy Overhaul Amid Crisis

3/5/2026

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Summary

Story summary

Chancellor of the Exchequer Rachel Reeves met with leaders from oil and gas companies to address market volatility due to the Middle East conflict.
She aims to replace the energy profits levy with a stable framework to support investment.
Scottish First Minister John Swinney and Scottish Finance Secretary Shona Robison urge removing the levy, citing employment effects.
Simon Francis argues the levy protects households from rising energy costs.

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Story summary

Chancellor of the Exchequer Rachel Reeves met with leaders from oil and gas companies to address market volatility due to the Middle East conflict.
She aims to replace the energy profits levy with a stable framework to support investment.
Scottish First Minister John Swinney and Scottish Finance Secretary Shona Robison urge removing the levy, citing employment effects.
Simon Francis argues the levy protects households from rising energy costs.