Ah. So that's why the energy companies are not jumping up and down. The government has agreed a massive subsidy for new North Sea oil and gas extraction.
The devil is in the detail. By my calculations, based on OGUK economic report, the new tax relief on oil and gas investment will mean the tax payer subsidising new investment in fossil fuels to the tune of about £5.7bn up to 2025.
The foolhardiness of UK PLC following the NetZero 2050 zealots has been well and truly shown up, and fortunately policy now seems to be crashing into reverse gears.
0
0
Alex Chapman
@chappersmk
The devil is in the detail. By my calculations, based on OGUK economic report, the new tax relief on oil and gas investment will mean the tax payer subsidising new investment in fossil fuels to the tune of about £5.7bn up to 2025.
1
0
Good. Fracking next I hope.
0
0
I've got a better solution. We can use hot air from chin-wobbling rage at climate action generated by OGR/Elfffi types as a new energy source.
0
0
Drill baby drill!
0
0
The foolhardiness of UK PLC following the NetZero 2050 zealots has been well and truly shown up, and fortunately policy now seems to be crashing into reverse gears.
0
0
So big oil gets more money and the tax payer gets more money. Everyone wins.
Join the discussion