Overview

• Chancellor Jeremy Hunt announces the extension of the windfall tax on oil and gas companies until 2029, expected to raise £1.5 billion.
• Scottish Conservative leader Douglas Ross and UK Government minister Andrew Bowie express deep disappointment, fearing negative impacts on jobs and investment.
• The extension aims to address prolonged high energy prices due to the Ukraine war, with provisions to abolish the tax if prices return to normal levels.
• Industry representatives warn the tax extension could jeopardize £200 billion in potential investments and hinder the UK's energy transition efforts.
• Environmental groups support the extension, arguing it is a necessary measure to reclaim profits from energy companies amid rising fuel poverty and climate concerns.