BP and Shell currently pay 40% tax on profits in the UK

Treasury estimated the a windfall tax would result in an income of £5 billion per year.

Truss' energy cap plan is estimated at costing circa £170 billion over 18 months? So windfall tax covers around 4.5% of the bill?

What I would expect to see is Truss granting a large number of new oil/gas field licences to rejuvenate North Sea oil and gas production. BP / Shell would get these free but be expected to sell energy to the UK at a reduced/fixed price for a number of years. Guarantee energy supply at reasonable price until offshore wind takes over in 15-20 years.

Posted By: Timmy_Goat, Sep 6, 14:14:48