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Business chiefs warn Healey's North Sea windfall tax 'would inflict LASTING DAMAGE' on Britain's oil industry

Healey, now Chancellor, told Bloomberg executives that businesses are "really squeezed" by tax, energy and labour costs and pledged to ease those pressures.
Healey, now Chancellor, told Bloomberg executives that businesses are "really squeezed" by tax, energy and labour costs and pledged to ease those pressures.
Business chiefs warn Healey's North Sea windfall tax 'would inflict LASTING DAMAGE' on Britain's oil industry

Aberdeen's chamber of commerce has written directly to Chancellor John Healey warning that a fresh windfall tax raid on North Sea oil and gas would cripple an industry "which Britain cannot afford to lose." Russell Borthwick, the chamber's chief executive representing BP and Shell, says firms are already haemorrhaging skilled jobs and investment before any new levy lands. Healey is weighing extending and deepening the existing 78 per cent windfall levy beyond 2030 as he hunts billions to plug a £4.7bn defence spending gap ahead of his 28 October Budget.

BP's profits surged 78 per cent to £4.2bn in Q2 2026, boosted by soaring oil prices from Trump's Iran war — making the sector a target Healey's Treasury calls 'low-hanging fruit.'

Citigroup boss Dame Jane Fraser and JP Morgan's Jamie Dimon have both personally warned Healey that new banking taxes could drive jobs overseas.

Former Tory minister Lord Jim O'Neill, who turned down a Burnham No 10 role, branded wealth tax rises 'stupid' and the government 'scared and lazy' for dodging welfare reform.

MoreThe TelegraphJohn Healey tax grab ‘would inflict lasting damage on North Sea’, business chiefs warnYahoo News UKHealey tax grab ‘would inflict lasting damage on North Sea’, business chiefs warnDaily MailHealey could hit oil firms and banks with 'windfall tax' in 'low key' Budget as he tries to avoid unpopular tax rises for workersGB NewsJohn Healey eyes windfall tax raid on banks and oil giants ahead of Autumn BudgetCity A.M.Treasury ‘tells Healey’ to consider tax on banks and oilBBC News'Healey eyes banks and oil tax' and 'X Factor comeback'LBCChancellor 'mulls windfall tax on banks and oil companies'The TelegraphHealey eyes windfall tax on banks and oil companiesThe IndependentHealey ‘considers windfall tax on banks and oil companies in first Budget’facilitiesmanagement-now.comTreasury 'tells Healey' to consider tax on banks and oil - facilitiesmanagement-now.com
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