Budget a ‘bitter blow’ to the sector, says oil industry

The Energy Profits Levy will remain in place until the end of the decade.

The oil industry described the budget as a “bitter blow” to the sector after the chancellor failed to reform the windfall tax.

The Energy Profits Levy, which the sector warns will cause more significant job losses, will remain in place until the end of the decade.

It comes as the UK Government unveiled its North Sea strategy, and it again said it won’t allow drilling in new fields.

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Last updated Nov 26th, 2025 at 19:15

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