Former U.S. President Donald Trump criticized the UK Labour government's energy tax policy, calling it a 'very big mistake' that is driving investment away from the North Sea oil and gas industry.
U.S. President-elect Donald Trump on Friday called on Britain to \u2018open up\u2019 the North Sea, accusing the country\u2019s Labour government of \u2018making a very big mistake\u2019 with its energy tax policy. His comments came in response to a report about U.S. oil and gas producer APA Corporation unit Apache\u2019s plans to end all its operations in the North Sea by the end of 2029.
Britain\u2019s ruling Labour Party said in October last year that it would increase a windfall tax on North Sea oil and gas producers to 38%, up from 35%, and extend the end date of the policy through to March 2030. Trump suggested that the Labour government\u2019s policies were driving investment away from the region. Last year, APA Corporation unit Apache stated that continued production in the U.K.\u2019s North Sea had become uneconomical due to the impact of Britain\u2019s windfall tax, a policy officially known as the Energy Profits Levy. Britain\u2019s Prime Minister Keir Starmer stands near a wind turbine during a visit to the RWE Brechfa Forest West Onshore Wind Farm in Pencader, south Wales on August 20, 2024. CNBC has contacted a spokesperson at Britain\u2019s Department for Energy Security and Net Zero to ask for a response to Trump\u2019s social media post. The North Sea is regarded as one of Britain\u2019s best sources of consistent offshore wind energy and several European countries alongside the U.K. have invested heavily in developing wind farms in the region
ENERGY Donald Trump UK Labour Government Energy Tax North Sea Oil And Gas
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