UK Treasury predicts £1.4billion boost from North Sea tax receipts as COP26 looms
By Allister Thomas
October 27, 2021, 5:45 pmUpdated: October 28, 2021, 7:44 am
The UK Treasury has increased its expectations for tax receipts from the North Sea oil and gas sector ahead of the COP26 climate conference.
Chancellor Rishi Sunak delivered the Autumn Budget on Wednesday, announcing an extra £150billion in spending.
Figures released by the Office for Budget Responsibility (OBR) set out that higher oil and gas prices mean the Treasury has significantly boosted its expectations of the tax take for the sector in coming years, increasing by £1.4bn on average per year through to 2025-26, relative to March of this year.