Overview

• Jeremy Hunt extends the windfall tax on oil and gas firms until 2029, citing prolonged high oil prices due to the Ukraine war.
• Scottish Tory leader Douglas Ross vows to vote against the legislation, expressing concern over the impact on the general election campaign.
• The extension is expected to generate an additional £1.5 billion, but faces criticism for potentially hindering investment in net zero transition.
• Labour supports the extension, while the SNP opposes it, arguing it risks Scotland's investment in a net zero future.
• Hunt emphasizes the government's support for the oil and gas industry, contrasting Conservative and Labour approaches to energy policy.