The president-elect of the United States, Donald Trump, pointed out that the United Kingdom is making a "big mistake" with its energy policy and insisted that the British Government must "open up" the North Sea oil and gas basin.
"The United Kingdom is making a big mistake. Open the North Sea. Get rid of the windmills!" the future president wrote this Friday on his Truth Social platform. Thus, Trump commented on the statement by the American oil company Apache, which announced in November last year its plans to abandon the North Sea, due to London's tax policy that made its operations in the country "uneconomic."
Specifically, it concerns the impact of the British tax on extraordinary profits, a policy officially known as the Energy Profits Levy (EPL), implemented in May 2022. In November last year, the Government of British Prime Minister Keir Starmer introduced an increase of three percentage points in the tax to 38%, bringing the general tax rate on activities related to oil and gas to 78%, and extended it until 2030.
Specifically, it concerns the impact of the British tax on extraordinary profits, a policy officially known as the Energy Profits Levy (EPL), implemented in May 2022. In November last year, the Government of British Prime Minister Keir Starmer introduced an increase of three percentage points in the tax to 38%, bringing the general tax rate on activities related to oil and gas to 78%, and extending it until 2030.
Starmer's Labor government won last year's election on a promise to develop Britain's low-carbon economy. Thus, the authorities intend to quadruple the generation capacity of offshore wind energy between now and 2030, up to 60 gigawatts.
Source: RT.
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