UK Keeps Oil and Gas Windfall Tax in Blow to Industry, OBR Says

The UK government will stick with a controversial windfall tax for North Sea oil and gas producers until the end of the decade, dismissing complaints that the levy hurts investment and jobs.

The Energy Profits Levy will remain in place until March 2030, according to a leaked document from the Office for Budget Responsibility. The decision comes as Chancellor of Exchequer Rachel Reeves looks to raise billions of pounds to shore up public finances, which have been squeezed by higher borrowing costs and U-turns over welfare cuts.

The EPL was introduced by the previous Conservative government more than three years ...