Keeping windfall tax is right thing to do, says Reeves amid concerns over jobs

The Chancellor responded to criticism from the sector and the Scottish Government following her decision to maintain the energy profits levy.

Chancellor Rachel Reeves has insisted maintaining the current tax regime on the North Sea is the “right” thing to do – despite concerns from the oil and gas sector that it is being taxed “to death”.

Leading figures in the industry had been pushing the Chancellor to reform the energy profits levy – also known as the windfall tax – saying it is resulting in 1,000 job losses a month from the sector.

First Minister John Swinney has warned the policy will have “disastrous consequences” for the north east of Scotland.

While Ms Reeves announced a replacement for the current tax regime, which will come in from 2030, her Budget on Wednesday maintained the