Windfall Tax Rethink Central To North Sea’s Future

Reacting to news of £14.5m in additional funding for renewables in Grangemouth, Jonny Haseldine, Head of Business Environment Policy at the BCC, said:

"News of a fresh £14.5m investment into renewables at Grangemouth is welcome but in isolation it may not prove enough to guarantee the town's long-term success.

"This is a challenging time for firms operating in the North Sea. Investor confidence is falling, jobs cuts are being announced, and the future of commercially viable renewable energy is at risk.  

"The Government must take urgent action in the budget to restore confidence in the North Sea to deliver a successful energy transition. Central to this must be the replacement of the Energy Profits Levy with a tax regime which does not act as a deterrent to investment.  

"We also need to see a long-term policy framework for the North Sea so it can continue to support jobs, energy security, and economic growth in the UK."