Is Rachel Reeves actually to blame for the ‘Truss crash’? Opinion After years of blaming the 'Truss crash' on tax cuts, Rachel Reeves has finally gestured to the real problem – her own instinct to overspend, writes Tom Harwood.
Windfall taxes: Major North Sea jobs cuts revealed by oil and gas giant Energy Around 100 offshore jobs are set to be cut by oil and gas firm Harbour Energy amid pressure from UK windfall taxes. The company, which is the UK’s largest oil and gas producer, has announced the proposed job losses as part of a review into its operations in this country. In a statement, managing director [...]
Rachel Reeves considers income tax hike and national insurance cut Politics Chancellor Rachel Reeves is eyeing up a simultaneous 2p hike to income tax and 2p cut to national insurance, it has been reported, in an effort to raise some £6bn. Reeves is considering the controversial tax hike, according to The Telegraph, which would breach the Labour Party manifesto and risk infuriating voters. It would also [...]
Remove windfall taxes on North Sea oil, bosses tell Rachel Reeves October 2, 2025 Chancellor Rachel Reeves should abolish windfall taxes on oil and gas producers in the North Sea, top bosses have said. In a new report setting out UK businesses’ proposals for the Budget, the Chancellor has been urged to focus on cutting energy costs for firms and set out a clearer plan for the North Sea’s [...]
Change windfall tax to make £137bn by 2050, Chancellor told September 1, 2025 Chancellor Rachel Reeves has been urged to reform the windfall tax in a move that could boost the economy by £137bn by 2050. Ahead of the start of its conference in Aberdeen this week, trade body Offshore Energy UK (OEUK) released a report claiming replacing the energy profits levy next year with a profits-based mechanism [...]
Donald Trump slams North Sea oil taxes that ‘make no sense’ July 29, 2025 US President Donald Trump has slammed the UK for its high taxes on North Sea oil, which he described as a “TREASURE CHEST” for the UK. In an early morning post on Truth Social, Trump said the UK could cash in its oil reserves near Scotland, where Trump opened a new 18-hole course at the [...]
Harbour Energy to axe 250 jobs as it slams Rachel Reeves May 7, 2025 Harbour Energy has slammed the government’s “punitive fiscal position” as it announced plans to cut 250 jobs in Aberdeen. The London-listed company, which is the largest oil and gas producer in the North Sea, blamed the Energy Profits Levy and a challenging regulatory environment for the decision. It also noted delays in the ramp-up of [...]
Harbour Energy shares tumble as profit wiped out by windfall tax March 6, 2025 Harbour Energy shares slumped on Thursday after the North Sea producer swung to an annual loss. The stock tumbled more than eleven per cent in early deals as the London-listed company reported losses of $93m (£72.1m), down from a prior year profit of $45m. North Sea producers have hit out at the UK’s windfall tax, [...]
Cut taxes for BP and Shell to protect UK from Trump’s trade war, Rachel Reeves told February 6, 2025 Oil giants such as BP and Shell who operate in the North Sea should be given huge tax breaks to help protect the UK against Donald Trump’s burgeoning trade war, Chancellor Rachel Reeves has been told. Aberdeen & Grampian Chamber of Commerce is calling on the UK government to reduce the 78 per cent tax [...]
Top UK bankers warn prospect of windfall tax is spooking investors October 9, 2024 Top bankers have warned that tough regulation and high taxes are denting investment in Britain’s financial services sector ahead of Labour's much-anticipated Budget on 30 October.