Neil Gordon, chief executive of Global Underwater Hub, has reacted to the outcomes of the Labour Government’s Autumn Budget and the North Sea Future Plan.
'Following months of calls from industry, there will be disappointment that the Energy Profits Levy has been maintained. Without even providing short-term certainty for the Treasury, it fails to offer much needed stability for industry at a time when organisations need to plan and invest.
'However, the announcement in the North Sea Future Plan of a strategy to encourage new subsea tiebacks as part of existing fields and infrastructure has the potential to provide a much-needed boost to the UK’s subsea supply chain. This development is something that Global Underwater Hub, on behalf of its members, has advocated the UK Government for over the past year and we welcome its inclusion in the plan and hope it can restore industry confidence.
'Earlier this week, GUH launched its 2025 Business Survey, which highlighted the growing risk of the UK offshore energy supply chain relocating overseas due to frequent and prolonged project delays. The industry has become increasingly concerned about the viability of the UK’s offshore energy sector and the sustainability of the businesses and jobs that depend on it. The announcement of the North Sea Jobs Service will provide reassurance to the workforce and industry.
'The UK’s offshore sector has the capability and capacity to lead the world in innovation and excellence, but there needs to be certainty in order to invest and grow globally, or we risk losing highly specialised companies, jobs and export potential to international competitors.'
Global Underwater Hub is the leading trade and industry development body for the UK’s underwater sectors. A member-led organisation, GUH represents the diverse range of businesses operating across the UK’s £9.4 billion underwater industry, facilitating cross-sector collaboration and growth.
Source: Global Underwater Hub
