BUDGET REACTION: “Windfall tax loopholes hand billions back to oil and gas”

Date: 6 March 2024
Campaigns: Climate

In response to today’s budget announcement that the UK’s windfall tax on the profits of oil and gas companies will be extended until 2029,

Izzie McIntosh, climate campaign manager at Global Justice Now said:

Once again this government has failed to close the loopholes in its windfall tax which hand billions back to the oil and gas industry to keep on drilling. Instead of piecemeal climate policies here and there, we need a government truly ready to address the climate crisis at its root. That means introducing a permanent polluters’ tax to fund a fair transition to clean energy and phasing out fossil fuel production altogether – these are measures which could truly ensure economic and environmental security in the long term.”