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Rachel Reeves reaffirmed her commitment to end the windfall tax on North Sea oil and gas as she met energy bosses, while warning that the Middle East war has created a “more uncertain context for policy decisions”.
The Chancellor discussed the gas and oil prices sent soaring by Iran’s threats to block a key shipping route in talks with firms including BP, Adura and Offshore Energies UK.
Ms Reeves came under pressure ahead of the Downing Street discussions from Scottish First Minister John Swinney to axe the charge, which is officially known as the energy profits levy.
Introduced by the Tory government in the wake of the war in Ukraine – which sparked a sharp rise in energy price
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