Recent reports indicate that the UK government is now considering steps to boost investment in offshore energy after experiencing a backlash to the tax rises its imposed in late 2022.
A spokesperson for Industry association Offshore Energies UK (OEUK) stated that it hopes the upcoming announcements will boost jobs, drive growth and reduce emissions while protecting security in UK energy.
In the new OEUK Business Outlook Report, the association warns that a combination of political uncertainty and windfall taxes is putting companies off investing the billions needed to sustain UK offshore gas and oil production in the future.
Studies show that more than 90% of the association’s operator members are reducing investment, but at the same time, Britain’s bill for gas and oil imports in 2022 reached £117 billion.
CEO for OEUK, David Whitehouse, commented:
“Windfall taxes have damaged the confidence of companies to invest in the long-term energy security of the UK, which relies on oil and gas for 76% of its energy.”
UK investors interested in obtaining assets in the renewable energy sector often seek out expert investment advice in Shropshire, Yorkshire and other parts of the country. Wealth managers help their clients construct diverse investment portfolios that can incorporate a wide range of asset classes while reflecting their tolerance to risk.
The UK Office for Budget Responsibility now predicts that Britain’s net-zero transition will come with a £1.4 trillion price tag; most of this sum must come from investors in the private sector.
