Scrapping North Sea windfall could 'radically boost' UK investment and address fuel poverty

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Scrapping the North Sea windfall tax could "radically boost" investment and bring in enough extra revenue to lift millions out of fuel poverty, MPs will be told today.

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David Whitehouse, chief executive of trade body Offshore Energies UK, says "a stable and competitive fiscal regime" for the North Sea would yield an additional £13.4billion in tax receipts over the next decade.Coupled with support for North Sea developments, an additional 1.1 billion barrels of oil could – half the UK's domestic demand – be recovered by 2035 But the Government needs to act to unlock these benefits, Mr Whitehouse will point out, saying: "Accelerated production decline in the UK is a policy choice, not a geological inevitability." TRENDING Stories Videos Your Say The Government currently plans to scrap the Energy Profits Levy, or windfall tax, in 2030.

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It sees operators facing a total charge of 78 per cent of their profits.

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It will be replaced by the Oil and Gas Price Mechanism, which is also a tax but is...

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