💥New report💥
Tax breaks for North Sea oil and gas extraction isn’t just bad for the climate, it's bad economics 🛢️🛢️🛢️
Our report out today explains why it doesn’t make sense to extract the last drop: bit.ly/3v7UG3W
A thread 1/7
Tax breaks for North Sea oil and gas extraction isn’t just bad for the climate, it's bad economics 🛢️🛢️🛢️
Our report out today explains why it doesn’t make sense to extract the last drop: bit.ly/3v7UG3W
A thread 1/7
With tax breaks, the UK government is masking the true costs of North Sea #oilandgas and tipping the scales in favour of more extraction.
But who is benefiting? UK tax revenues from oil and gas are tiny compared to Norway.
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But who is benefiting? UK tax revenues from oil and gas are tiny compared to Norway.
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Revenues from North Sea #FossilFuel extraction have been in steep decline since 2013. The @hmtreasury made a net loss between 2015-17.
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UK taxpayers aren’t benefiting from these tax breaks but oil and gas companies are.
In 2019, BP’s North Sea operations paid an effective tax rate of -54 per cent. And, in 2021, oil and gas majors made record profits.
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In 2019, BP’s North Sea operations paid an effective tax rate of -54 per cent. And, in 2021, oil and gas majors made record profits.
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Tax relief for oil and gas companies is set to increase with taxpayers helping with the looming cost of decommissioning old rigs & this will go up if more rigs come online.
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#Oilandgas prices are set by the global market. More UK extraction won’t bring down bills.
But the tax system is shielding companies from economic realities & driving bad decisions, which will cost the taxpayer & investors.
Read our report: bit.ly/3v7UG3W
7/7
But the tax system is shielding companies from economic realities & driving bad decisions, which will cost the taxpayer & investors.
Read our report: bit.ly/3v7UG3W
7/7
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