London-UK energy company Centrica said May 3 high UK tax rates on oil and gas production may limit future output from its Morecambe Bay gas fields, another concrete example of companies reacting negatively to the surprise UK tax hike in March. Following the increase in North Sea taxes, which the UK government said was justified given the high oil price, the tax rate on newer fields increased from 50% to 62%, while some older fields are now taxed as high as 81%.
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