North Sea Oil Producers Urge Clarity on Starmer's Tax Plans

North Sea oil and gas producers are urging incoming Prime Minister Keir Starmer to clarify his election promise to increase taxes on the sector. Industry leaders warn that such policies could hasten a decline in output and revenue, impacting jobs and the UK's decarbonization efforts.

North Sea oil and gas producers are calling on Britain's incoming Prime Minister, Keir Starmer, to provide clear details on his election pledge to raise taxes on the sector. They warn that the proposed tax hikes could lead to a rapid decline in output and revenue, with significant consequences for jobs and the UK's decarbonization initiatives.

Starmer's Labour Party emerged victorious in a parliamentary election on Thursday, thus ending 14 years of Conservative governance. The party's manifesto pledges to boost Britain's renewable energy capacity by increasing taxes on the oil and gas sector and halting the issuance of new licenses in the North Sea basin.

David Whitehouse, Chief Executive of Offshore Energies UK, expressed deep concerns about Labour's plans, stating, "These policies, if poorly managed and without industry input, will threaten jobs and undermine the decarbonization of the UK economy. The details matter."

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