Offshore Energies UK (OEUK) has today (Friday 7 November) responded to the joint Chamber letter sent to the Treasury, which calls for the replacement of the Energy Profits Levy.
The letter, jointly signed by the British Chambers of Commerce, Aberdeen & Grampian Chamber of Commerce, and the Scottish Chambers of Commerce, emphasises a predictable fiscal regime would send a powerful signal that the UK is once again open for energy investment – unlocking growth, supporting thousands of high-value jobs, and securing billions in future tax revenues.
OEUK Communications Director Natalie Coupar said:
'This is a critical intervention. The British Chambers of Commerce joins a growing chorus of voices across the UK economy – from Teesside to Glasgow – calling for urgent reform and warning of the consequences if it doesn’t happen.
'Charities, business organisations, and the energy supply chain are all raising the alarm: the current structure of the windfall tax is damaging investment, slowing growth, and putting jobs at risk.
'We’re calling for the Energy Profits Levy to be reformed and replaced in 2026 with a permanent profits-based mechanism. Industry has submitted a proposal to the Treasury that protects public revenues while unlocking investment in the UK’s energy future. Get this right and our industry will add £137 billion to the UK economy by 2050, bring forward over £40 billion of new projects, pay more tax – not less, and safeguard 160,000 jobs across the country by 2030.
'If we allow the decline of North Sea oil and gas to continue unchecked while failing to accelerate renewables, we risk creating a widening gap in jobs, investment and expertise – one that will be felt in communities and industries across the UK.
'This isn’t about choosing between energy sources. It’s about securing our energy future by strengthening both oil and gas and renewables.
'With the right policy choices, the UK energy sector can power a future that works for the whole economy, strengthens energy security and delivers our climate goals.'
Source: OEUK
