Windfall tax extension will harm investment and jobs
2 May 2023
SUGGESTED
Economic Theory
Economics
Housing and Planning
Commenting on demands to extend the windfall tax following BP’s results announcement, Institute of Economic Affairs Energy Analyst Andy Mayer said:
“A windfall tax on UK firms for their global profits will mean fewer British firms to tax and fewer jobs for British workers.
“The government’s existing windfall tax has discouraged investment in the North Sea and made Britain more dependent on oil and gas imports.
“The smart tax decision would be to define what ‘windfall’ means, and create a predictable regime that doesn’t change in reaction to hysterical headlines.”
ENDS
Notes to Editors
CONTACT: media@iea.org.uk / 07763 365520
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
“A windfall tax on UK firms for their global profits will mean fewer British firms to tax and fewer jobs for British workers.
“The government’s existing windfall tax has discouraged investment in the North Sea and made Britain more dependent on oil and gas imports.
“The smart tax decision would be to define what ‘windfall’ means, and create a predictable regime that doesn’t change in reaction to hysterical headlines.”
ENDS
Notes to Editors
CONTACT: media@iea.org.uk / 07763 365520
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
SHARE
