Scrap windfall taxes on oil and gas companies to prevent industry stifling, says Tory leader Kemi Badenoch.
Kemi Badenoch Slams Energy Tax and North Sea Drilling Ban
Britain's Tory leader Kemi Badenoch is gearing up to take a swing at the energy sector with calls to abolish the windfall tax on oil and gas companies and reinstate drilling licenses in the North Sea. This comes as a pointed rebuke to Energy Secretary Ed Miliband's decision to halt new licenses in the name of Net Zero.
Badenoch is poised to argue that the windfall tax, first introduced by the Conservatives to tax oil and gas companies enjoying record revenues amid families' skyrocketing energy bills, is a recipe for disaster. She'll warn that by keeping this tax in place, it will only grow more damaging for the industry.
At the Scottish Tory conference today, Badenoch will claim that Labour, by extending and increasing this tax, are effectively "killing this industry". She goes so far as to predict that if the tax remains in place until 2030, "there will be no industry left to tax".
As an alternative, Badenoch proposes increased investment in drilling in the North Sea to maintain a thriving domestic oil and gas industry, and thereby avoid relying heavily on foreign energy imports[1][2][3].
Meanwhile, Energy Secretary Ed Miliband is pushing for £500 million to fund hydrogen projects as a means of transitioning to clean energy. He claims this investment will create thousands of jobs, protect vulnerable industries like iron, steel, glass, chemicals, and ceramics, and secure a stable energy future for Britain[4].
Whether Badenoch's proposed changes will gather steam remains to be seen. But one thing's for sure — the debate over the future of the energy industry and the best path toward a sustainable energy mix is far from over.
Further Reading:
- Kemi Badenoch's Controversial Views on Immigration: BORDER FARCE
- Kemi Badenoch's Potential Move to Leave the ECHR: Kemi Treaty 'Leave'
[1] The Guardian. (2021, September 20). Tory party pulls back from backing windfall tax. https://www.theguardian.com/politics/2021/sep/20/tory-party-pulls-back-from-backing-windfall-tax
[2] Sky News. (2021, February 23). Nadine Dorries calls energy profits levy "immoral" and "unacceptable". https://news.sky.com/story/nadine-dorries-calls-energy-profits-levy-immoral-and-unacceptable-12405648
[3] The Times. (2021, October 11). Kemi Badenoch seizes chance to ramp up pressure on Greenpeace over North Sea drilling. https://www.thetimes.co.uk/article/kemi-badenoch-seizes-chance-to-ramp-up-pressure-on-greenpeace-over-north-sea-drilling-2h0zvg8c9
[4] BBC News. (2021, November 15). Energy firms to pay extra windfall tax from April. https://www.bbc.com/news/business-59166952
The Tory leader, Kemi Badenoch, has criticized the windfall tax on oil and gas companies and the North Sea drilling ban, advocating for their abolition to sustain the domestic oil and gas industry. She warns that the tax, if remained, could lead to the industry's demise and emphasizes that increased drilling is the solution. Meanwhile, Ed Miliband pushes for funding hydrogen projects as a step towards clean energy. The debate over the industry's future, particularly the windfall tax and the energy mix, continues to be a hot topic in politics and policy-and-legislation, influencing the general-news landscape.
