The UK’s energy sector is facing an “apocalyptic scenario” with firms considering quitting the country because of high taxes and the threat of banning new oil and gas drilling, the industry has warned.
One company has stalled a project worth £400 million that would have created hundreds of jobs in the northeast of Scotland, warning that it was just one of many on hold.
Industry confidence in UK activities has plunged to a record low, according to the 39th Energy Transition report from Aberdeen & Grampian Chamber of Commerce.
It highlighted the UK government’s windfall tax, which Jeremy Hunt, the chancellor, has extended by a year in a move that angered his Conservative colleagues.
Labour’s plans to ban all new licences for the North Sea