The UK government has lost over £250 billion in 13 years by giving generous tax breaks to North Sea oil companies, according to an expert report. Increasingly lax tax regimes by successive Westminster governments have also left taxpayers with a £23 billion bill for decommissioning old oil rigs, it says. Campaigners are demanding a “just transition” away from climate-wrecking oil and gas in order to end a “crazy spiral of catastrophe”. The industry, however, highlights the multi-billion pound taxes that it has paid and the hundreds of thousands of jobs it supports.
The Ferret 13th Feb 2020 read more »