Oil industry warns against further windfall taxes on profits

Any decision on taxing oil firms more will be made by the Chancellor on Thursday

An oil industry body is warning a further windfall tax will drive away investment and cause more energy imports.

The warning is ahead of an announcement expected from the Chancellor to extend the tax in the Autumn statement on Thursday.

A survey of oil firms shows that half say political instability is the biggest obstacle for the UK’s energy transition.

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