AceBusinessNews says heres todays U.K News & Views on Labours Windfall Tax & Oil & Gas Plan for Winning Election

Ace Press News From Cutting Room Floor: Published: Feb.11: 2024: U.K Local Media News: TELEGRAM Ace Daily News Link https://t.me/+PuI36tlDsM7GpOJe

Financial Times, 9 February 2024

Sir Keir Starmer, the Labour leader, has dropped plans to backdate the windfall tax on oil and gas producers to the start of 2022 if the party wins the next general election, in a further recasting of the party’s green agenda. 
 
But that limited concession to the energy sector did little to assuage anger in the industry over Starmer’s plans to instead extend the lifetime of the levy by two years until 2029.
 
Full story
 
Labour’s windfall tax could see 42,000 oil and gas jobs lost, industry warns
STV News, 9 February 2024

Sir Keir Starmer has been criticised over the ‘proper windfall tax’ which would see an energy profits levy of 78%.
 
Labour plans to extend the windfall tax on UK oil and gas producers could lead to 42,000 jobs and £26bn of economic value being wiped out, the offshore energy industry has warned.
 
The party published plans for a “proper” windfall tax earlier in the week which would see the energy profits levy for North Sea companies rising to 78%.
 
Labour said the move, which would bring the country in line with Norway, would “end the loopholes in the levy that funnel billions back to the oil and gas giants”.
 
Offshore Energies UK, the trade body for the sector, has asked for an urgent meeting with the Labour leadership following the plans being announced.
 
OEUK chief executive David Whitehouse said: “Labour either can’t do the maths or haven’t considered the alarming jobs impact that will be felt up and down the country.
 
“With no new investment, 42,000 jobs will go, and we could start to see the effects as early as this year. 
 
“These are not faceless numbers but decent, hardworking people working across the UK to provide the energy we will need today and in the future.  
 
“The impact of no new investment will be felt across the whole economy – today we estimate the UK will lose £26bn of economic value. It will undermine the very industry which can and must play a critical role in delivering a homegrown energy transition.  
 
Full story

Ed Miliband loses, again
The Spectator, 8 February 2024

Oh dear. It seems that the iron law of British politics has held true once again: everything Ed Miliband touches, he breaks. 
 
Whether it is the botched Falkirk reforms or gaffes as shadow business secretary, the infamous ‘Edstone’ or even eating a bacon sandwich, the hapless wonk can never seem to do anything right. And a perfect example of that has been Labour’s rows over the £28 billion for a much-trumpeted ‘green new deal’.
 
For after 18 months of flip-flopping, Sir Keir Starmer has today decided to ditch his flagship policy, in an apparent victory for Rachel Reeves and the Shadow Treasury team. This is despite furious opposition from Miliband, who, as shadow energy secretary, tweeted just seven months ago that:
 
“Some people don’t want Britain to borrow to invest in the green economy. They want us to back down. But Keir, Rachel and I will never let that happen. Britain needs this £28bn a year plan and that is what we are committed to.”
 
So much for ‘never’ letting that happen. Perhaps poor Ed should have carved his commitment in stone?
 

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